TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the "Corporation" or "Dundee") is pleased to announce that the ownership group of Android Industries, L.L.C. ("Android") have agreed to sell their interest in Android. The Corporation holds a 20% interest in Android, a private company and leading high technology-enabled assembler and sequencer of complex assemblies for the automotive industry.
As a result of this transaction, Dundee anticipates receiving cash proceeds of approximately C$24.5 million at closing, with an incremental C$6.9 million payable contingent upon the release of all escrows. "The sale of our 20% interest in Android Industries represents a significant milestone for Dundee as we rationalize what remains of our non-core legacy asset portfolio which is a key strategic initiative as we recycle our capital into our core mining business," said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. "I would like to extend my congratulations to the team for their exceptional effort in getting this deal moved toward the finish line. This divesture underscores the Corporation's commitment to optimizing its asset portfolio and delivering value to shareholders. We remain focused on executing on our strategic objectives and pursuing growth within the mining sector."
The transaction is subject to satisfying customary closing conditions and obtaining necessary regulatory approvals and is expected to close on or around the end of the first quarter of 2025.
ABOUT DUNDEE CORPORATION:
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com
