Toho plans to invest $90 million for a 40% ownership of Galena’s wholly-owned subsidiary Abra Mining Pty Ltd (AMPL), which owns the project.
As foreign investment approval has also been recently received, the only material outstanding conditions to the transaction remain executing the required definitive documents, and related internal approvals.
Galena has agreed to extend the exclusivity period for the transaction by 12 days until 12 April 2019.
The company continues to anticipate the definitive documentation to be executed and the first payment to be made in April 2019.
Most recently, Galena executed a subscription agreement with Kingfisher Capital to invest $10 million into Galena in two tranches of $5 million each at 40 cents per share.
The company is planning to release a definitive feasibility study (DFS) for the project mid-2019.