Dec 30 2015
Rodinia Lithium Inc. is pleased to announce that it has closed the previously announced transaction pursuant to which Aberdeen International Inc. acquired all of the issued and outstanding shares of Potasio y Litio de Argentina SA, a wholly-owned subsidiary of the Company, for an aggregate cash purchase price of $5,000,000, as follows:
- $3,000,000 has been paid by Aberdeen to Rodinia; and
- $2,000,000 to be paid by Aberdeen to Rodinia within six months.
In addition, Rodinia retains a 2% transferrable net smelter royalty ("NSR") on all commercial sales from the Diablillos lithium-potash project owned by PLASA, including the sale of potassium and lithium concentrates or products. Half of the NSR can be purchased by Aberdeen for $2,000,000 within 24 months. The remaining 1% NSR does not have a predetermined purchase price nor is it subject to any rights in regards to its purchase or disposition by Aberdeen.
Mr. William Randall, President & Chief Executive Officer, stated, "Management is pleased to conclude this transaction with Aberdeen. The transaction strengthens the Company's balance sheet and will allow Rodinia to focus on its previously announced plan to become an investment issuer and re-build shareholder value."
Source: http://www.rodinialithium.com/