betweenAsset Purchase Agreement • May 7th, 1997 • Nord Resources Corp • Mining & quarrying of nonmetallic minerals (no fuels) • Georgia
LOGO] NORD RESOURCES CORPORATION ---------------------------------------------- ---------------------------------- 8150 washington village drive dayton, ohio 45458 937-433-6307 fax: 937-435-7285 NORD RESOURCES CORPORATION ENTERS INTO AGREEMENT TO SELL...Asset Purchase Agreement • May 7th, 1997 • Nord Resources Corp • Mining & quarrying of nonmetallic minerals (no fuels)
DAYTON, Ohio, March 6, 1997 -- Nord Resources Corporation (NYSE:NRD) announced today that it has entered into an agreement to sell the operating assets of the kaolin mining and Norplex-Registered Trademark- operations of its 80% owned subsidiary Nord Kaolin Company ("NKC") to Dry Branch Kaolin Company ("Dry Branch") for a purchase price of $20,000,000, subject to adjustments and a royalty arrangement on the future sales of Norplex products. The transaction is subject to obtaining certain consents of third parties and regulatory approval. It is anticipated that closing will occur within 30 days. In addition to the purchase price, at closing, Nord Resources Corporation ("NRC") will be released from its guarantee obligations under certain equipment leases of NKC in the approximate amount of $12,000,000. As a result of the transaction, NRC will have a non-recurring loss on disposal of these assets.
