Heidelberg/Toronto. Deutsche Rohstoff and Almonty Industries Inc. announce, that they entered into an agreement whereby the parties have agreed to unconditionally settle all claims made under the provisions of the Share Sale Agreement (SSA) dated 22 September 2014. The SSA relates to the acquisition of 100% of Wolfram Camp Mining Pty Ltd and Tropical Metals Pty Ltd by Almonty (WCM). The claims are in connection with adjustments to closing working capital balances on the acquisition of WCM.
Under the terms of the Agreement, DRAG will pay Almonty $1,500,000, which will be satisfied by DRAG surrendering to Almonty $1,500,000 of the principal amount of the $7,500,000 convertible debenture issued by Almonty as part of the purchase price paid for WCM.
DRAG and Almonty have agreed to release each other from all claims made to date under the SSA and not to bring any future claims against the other in connection therewith.
Heidelberg, 25 February 2015
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company’s focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in political stable countries with high environmental standards. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de.
Deutsche Rohstoff AG
Dr. Thomas Gutschlag
Tel. +49 6221 871 000