Tantalus Rare Earths AG: Withdrawal of the Insolvency Application
12.02.2016 | DGAP
Grünwald, February 12, 2016 - Tantalus Rare Earths AG (Tantalus) is pleased to announce that it has withdrawn the application for opening of insolvency proceedings.As announced on December 8, 2015, Tantalus and the Singapore-based company Apphia Minerals SOF PTE. Ltd (Apphia) signed a sale and purchase agreement for the sale of 60% of the shares in Tantalus' subsidiary Tantalum Holding (Mauritius) Limited (which is the 100% owner of Tantalum Rare Earth Malagasy S.A.R.L.) for a cash consideration of EUR 3.7 million.
Based on the terms set in the agreement Apphia has now transferred a second tranche of EUR 1.350.000 to Tantalus. In addition certain creditors have signed moratorium agreements and thereby Tantalus is no longer illiquid in the meaning of section 17 of the German Insolvency Code.
Tantalus will invite its shareholders to an extraordinary general meeting to decide on the arrangements with Apphia. The general meeting is expected to take place in late March 2016 and the invitation to the general meeting is expected to be published during the coming few weeks.
About Tantalus Rare Earths AG
Tantalus Rare Earths AG (ISIN DE000A1MMFF4) is a Germany-based exploration company, engaged in the development of rare earths in Madagascar. Tantalus's shares are quoted on the 'Primärmarkt' of the Düsseldorf Stock Exchange.
For further information please contact:
Thomas Hoyer, CEO
Tantalus Rare Earths AG
Tel.: + 49 1512 4017229
Thomas.hoyer@tre-ag.com
Markus Kivimäki, EVP
Tel.: +358 503495687
Markus.kivimaki@tre-ag.com