Kanglongda: Signing Agreement to Terminate Underwriting Agreement]

Published: Apr 1, 2024 19:50

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On March 29, Kanglongda announced that it jointly signed an "Agreement to Terminate the Binding Terms Sheet Regarding the Purchase of Spodumene from the Bougouni Lithium Project" with Kodal Minerals PLC (referred to as "KODAL"), Hainan Mining and its controlling subsidiary, Kodal Mining UK (referred to as "KMUK"). According to the agreement, KMUK will pay Suay Chin a total of 14 million US dollars in termination fees in two installments. After receiving the first installment of 7 million US dollars, the "Bougouni (Bougouni) Mine Project Spodumene Sales Binding Term Memorandum" signed by Suay Chin and KODAL in 2017 will terminate, meaning Suay Chin will give up the priority right to underwrite no less than 80% of the concentrate products for the first three years after the Bougouni carp mine project starts production; KMUK needs to complete the payment of all termination fees before the first batch of spodumene is shipped from Mali or before October 31, 2024 (whichever comes first).

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