Mineral Commodities (ASX:MRC) said that a final payment by Norge Mineraler Holding for the acquisition of Skaland Graphite was delayed "due to unforeseen issues with its funding," according to a Thursday Australian bourse filing.
Norge Mineraler confirmed its commitment to finalizing the purchase of 100% of Skaland and engaged with Mineral Commodities to commit to a timeline to make the final payment required.
It agreed to make a further nonrefundable partial payment of $500,000 to Mineral Commodities within five business days, a working capital payment directly to Skaland Graphite of 5 million Norwegian kroner by May 23, and a payment to Mineral Commodities unit MRC Graphite Norway to partially cover costs it incurred as a result of delayed completion of AU$ 45,500 within five business days.
Norge earlier made a non-refundable partial payment of $500,000, and also agreed that the previously refundable deposit of $1,000,000 was non-refundable.
Norge also agreed to procure a parent company guarantee in favor of MRC Graphite, guaranteeing its commitment to all of its obligations under the share purchase agreement, as well as to finalize its funding arrangements so it can commit to a timeline for the final payment.
The final payment is estimated to be $9.62 million plus interest accrued, calculated daily from March 21.
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