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    Seismic company RXT reaches agreement with Georadar

    Company News // July 18, 2011

    Referring to stock exchange releases made on 20 May 2010 and 16 May 2011 concerning RXT's review of strategic options, and a release on 30 May 2011 concerning its decision to progress with a joint venture solution, the board of RXT has announced that it has signed a memorandum of understanding with Georadar Levantamentos Geofisicos.

    The transaction will lead to Georadar becoming a 55 per cent owner of RXT's Brazilian business, and, as previously notified, a gross amount of US$30 million will be sourced to the combined entity.

    Both parties aim to have the final agreement signed before 31 July 2011.

     

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