Dundee Corporation Announces Closing of the Sale of its Interest in Android Industries

Executive Summary

• Dundee Corporation completed the sale of its 20% stake in Android Industries, receiving cash proceeds of approximately C$27.3 million at closing (net of tax holdbacks and fees).
• An additional contingent payment of up to C$15.3 million will be payable upon release of all escrows.
• The transaction is presented as a strategic step to rationalize non‑core legacy assets and refocus the company on mining‑sector growth, signalling a positive material impact on shareholder value.

Key Details

• Transaction: Sale of Dundee’s 20% equity interest in Android Industries, L.L.C., a private high‑technology assembler for the automotive sector.
• Cash Proceeds at Closing: Approximately C$27.3 million received net of tax holdbacks and fees.
• Contingent Consideration: Up to an additional C$15.3 million payable upon full release of escrow amounts.
• Strategic Rationale: The divestiture is part of Dundee’s plan to “rationalize … non‑core legacy asset portfolio” and concentrate capital on mining‑related growth opportunities.
• Management Comment: Jonathan Goodman, President & CEO, highlighted the deal as a “significant milestone” and emphasized continued focus on strategic objectives within the mining sector.

Notable Quotes

“At long last, the closing of the sale of our 20% interest in Android represents a significant milestone for Dundee as we rationalize what remains of our non‑core legacy asset portfolio,” – Jonathan Goodman, President & CEO, Dundee Corporation.