St George Mining (ASX:SGQ) has again requested the Australian Securities Exchange (ASX) grant an extension to the voluntary suspension on the company’s securities.
The company is seeking an extension to the voluntary suspension to enable it to finalise the funding of the Araxá Project.
St George expects to be making an announcement to the market regarding the funding and the commencement of normal trade on Monday 6 January 2025.
On 5 November St George Mining announced that it had agreed to an extension of time to finalise the acquisition of the Araxá Project – an advanced niobium-REE project in Minas Gerais, Brazil. St George and Itafos agreed to an extension to the sale agreement pursuant to which St George will acquire 100% of the issued capital of Itafos Araxá Mineracao E Fertilizantes, a subsidiary of Itafos that owns 100% of the project.
St George and Itafos have been in the process of negotiating certain amendments to the sale agreement to allow the company additional time to satisfy the conditions required for completion of the transaction.
While the key terms of the sale agreement are expected to remain unchanged, the amendments to the sale agreement will result in a delay in closing the transaction. The transaction is expected to close in Q1 2025, as previously announced by the company.
Write to Adam Orlando at Mining.com.au
Images: St George
