Trecora Etners Amendment To Previously Announced Sale Of AMAK Equity Stake

Trecora Resources ("Trecora" or the "Company") (NYSE:TREC), a leading provider of specialty hydrocarbons and waxes, today announced that it has entered into an amendment to the previously announced

Benzinga · 01/21/2020 21:12

Trecora Resources ("Trecora" or the "Company") (NYSE:TREC), a leading provider of specialty hydrocarbons and waxes, today announced that it has entered into an amendment to the previously announced share sale and purchase agreement ("Agreement") with Saudi Arabian closed joint stock company, Al Masane Al Kobra Mining Company ("AMAK"), and certain of AMAK's other existing shareholders (collectively, the "Purchasers") pursuant to which the Purchasers will acquire Trecora's entire 33.3% equity interest in AMAK.  Pursuant to the amendment, the outside date for the closing of the transaction has been extended to March 31, 2020, allowing additional time to obtain approval from the newly established Ministry of Industry and Mineral Resources in Saudi Arabia. In addition, the Purchasers have agreed that, if the transaction does not close on or before March 31, 2020, and Trecora determines in its sole discretion to further extend the outside date, half of the 5% non-refundable deposit (or approximately $3.5 million) that Trecora has already received will be forfeited by the Purchasers and not apply to the sale price at closing (effectively increasing the sale price of the AMAK shares by an additional approximately $1.75 million).