Itafos Announces Sale of the Araxá Project Itafos Announces Sale of the Arax Project
HOUSTON, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Itafos Inc. (TSX-V: IFOS) (“Itafos” or the “Company”) is pleased to announce that it has entered into an agreement (the “Agreement”) to sell its 100% interest in its Arax project to a wholly-owned subsidiary of St George Mining Limited (“St George”) (ASX: SGQ). The sale is structured as a cash and equity transaction. The total purchase price is cash of USD$21,000,000 and securities of St George (the “Transaction”). As a result of the Transaction, St George will indirectly acquire all of the outstanding securities of Itafos Arax Mineracao E Fertilizantes S.A (“Itafos Arax”).