Mineral Commodities Ltd (ASX:MRC) is facing complications in the sale of its Skaland Graphite Project. Norge Mineraler Holding AS, the buyer, has defaulted on its obligation to complete the transaction despite satisfying all conditions precedent. The agreement, initially announced on December 16, 2024, involved MRC’s wholly-owned subsidiary, MRC Graphite Norway (MRCGN), selling 100% of Skaland Graphite AS shares to Norge Mineraler.
Norge Mineraler has made a partial non-refundable payment of USD500,000 and converted a USD1,000,000 deposit to non-refundable status. Despite this, the company has failed to finalize the purchase. MRC has issued a default notice to Norge Mineraler and demanded immediate completion of the transaction.
The company intends to pursue enforcement action under Norwegian law to protect its interests. Additionally, Norge Mineraler is obligated to pay MRCGN interest on overdue payments at an annual rate of 12.5%.
MRC has stated they will release more updates to the market as soon as more information becomes available.
