SINGAPORE (Oct 30): After two years fraught with controversy, ISR Capital has finally received the shareholder approval to acquire a rare earth mining asset in Madagascar for $3 million. The deal is worth less than a tenth of the $40 million figure first mooted in 2016.

At an extraordinary general meeting on Tuesday, 100% of over 760 million shareholder votes were cast in favour of the acquisition of a 60% stake in Tantalum Holding (Mauritius) (THM), which fully owns Tantalum Rare Earth Malagasy S.A.R.L.U. (TREM). The latter has an exploration license for a rare earth mining concession in Madagascar.

ISR is acquiring the stake from REO Magnetic, a Singapore-registered private company. As consideration, ISR will issue 747 million shares to REO at 0.4 cents each, representing 19% of its enlarged share capital as at Oct 4.

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