Avenira Limited

Avenira Limited

December 21, 2015 09:01 ET

MOU With Mimran Natural Resources Extended to 31 January 2016

PERTH, WESTERN AUSTRALIA--(Marketwired - Dec. 21, 2015) - Avenira Limited (Company) (TSX:AEV)(ASX:AEV) advise that the parties have agreed to extend the non-binding MOU between Mimran Natural Resources and the Company until 31 January 2016 to allow more time to complete documentation.

On 4 November 2015, the Company announced a non-binding memorandum of understanding with Mimran Natural Resources (MOU) providing for:

  • a direct investment in the Baobab Phosphate Project of US$11.25m (A$15.6m) for 20% of the project; and
  • a placement for 19.9% of shares in the Company to Mimran Natural Resources at $0.117 per share (Placement).

On 7 December the Company announced that the counterparty to the Placement will be a different Mimran Group entity, Tablo Corporation (or its nominee), rather than Mimran Natural Resources. The Company will continue to update shareholders as required through the execution process.

Cliff Lawrenson, Managing Director

Contact Information

  • Avenira Limited
    Mr Cliff Lawrenson
    Managing Director and CEO
    +618 9264 7000

    Avenira Limited
    Mr Rod Wheatley
    CFO and Company Secretary
    +618 9264 7000