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Company News Summary

Champion Iron Announces the Closing of Kami Project Acquisition

06 Apr 2021  |  08:27:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Closing of KAMI Acquisition

Champion Iron announced that it has completed the acquisition of the mining properties of the Kamistiatusset iron ore project (the Kami Project), and certain related contracts (the Acquisition) pursuant to an asset purchase agreement among certain affiliates of the Company and Deloitte Restructuring (the Receiver), as receiver for Alderon Iron Ore Corp and certain of its affiliates for a consideration consisting of $15m in cash, the extinguishment of $19.4m in secured debt of Alderon and certain of its affiliates and an undertaking in favour of the Receiver to make a finite production payment on a fixed amount of future iron ore concentrate production from the Kami Project.

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