Lamboo Resources (Lamboo) (ASX:LMB)
is pleased to announce Hengda has executed the long form document (SPA) contemplated in the Framework Agreement between Lamboo and the Chairman and major shareholder of China Sciences Hengda Graphite Co Ltd, Mr.Wang.
Lamboo is advised that the terms have also been approved by Hengda’s senior management team and employees, who hold shares in Hengda.
The terms provide for the payment by Lamboo of $150 million for 100% of Hengda (pro rated if Lamboo gets less than 100%), of which a minimum of US$75 million is payable in Lamboo scrip at an issue price of $0.848 per Lamboo share.
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