POSCO TRANSACTION COMPLETE
Galaxy Resources Ltd (ASX:GXY) (“Galaxy” or “the Company” is pleased to advise that final settlement of the sale of a package of tenements located on the northern portion of the Salar del Hombre Muerto to POSCO has now been completed, following the registration of the tenement and usufruct transfers by the local Mining Court in Salta Province. All registrations for the tenement transfers in the Catamarca Province relating to the POSCO transaction, were completed in December 2018. Galaxy will now receive US$271.6 million (after US$8.4 million in withholding taxes was paid in November 2018) as follows:
• US$257 million consideration held in escrow plus interest accrued will be released by the Escrow Agent to Galaxy by Tuesday 26 February 2019; and
• US$14.6 million will be paid by POSCO directly to Galaxy by Friday 1 March 2019, now that registration of the usufruct transfers has also been completed. .
ENDS
For more information, please contact: Corporate Daniel Harangozo Investor Relations +61 457 768 068 +61 (8) 9215 1708 [email protected] Media Enquiries (Australia) Nigel Kassulke Cannings Corporate Communications +61 407 904 874 +61 (2) 8284 9990 [email protected] Media Enquiries (International) Heidi So Strategic Financial Relations Group +852 2864 4826 [email protected]
