Home / Mining Company News Releases (Unreviewed) / MOU With Mimran Natural Resources Extended to 31 January 2016

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

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

Avenira Limited
Mr Rod Wheatley
CFO and Company Secretary
+618 9264 7000
www.avenira.com

 

Disclaimer: This is an unedited and minimally reviewed public mining company press release originally published at http://feeds.mwnewsroom.com/article/rss?id=2012608. We have linked to our knowledge base articles from within the content of this release in order to help explain some of the terminology used and provide continuity from previous and related news coverage. You can access more in-depth mining company project reviews on our site, as well a knowledge base of articles on mineral exploration, mining and geology-related topics.

About Staff @ Geology for Investors

Geology for Investors seeks to demystify mineral exploration and mining projects for mining company investors. All of our writers and contributors are experienced and educated in geology and the geosciences.