Mineral Commodities (ASX:MRC) notified Norge Mineraler Holding, the buyer of its Skaland Graphite operation in Norway, that it is in default of its obligation to complete the sale, despite all conditions of the share purchase agreement (SPA) being met, according to a Monday filing to the Australian bourse.
The company has demanded immediate completion and said it intends to take legal action under Norwegian law, the filing said.
Under the SPA, interest on overdue payments will accrue at 12.5% per annum, the filing added.
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