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Avenira (ASX: $AEV) completes a$5 million placement

Avenira successfully completes a$5 million placement


Avenira Limited (ASX: $AEV) has successfully completed a placement of new fully paid ordinary shares to raise approximately A$5 million. The placement received significant demand from high-quality existing and new sophisticated and institutional investors located in Australia and internationally. The proceeds will be primarily used to progress the development of Avenira's Phosphate Projects.

Executive Commentary on Placement


We are very pleased to welcome Hebang and GEAR as substantial shareholders of Avenira. The introduction of these groups as investors is a testament to the significant steps undertaken by the Company to progress the development of the world-class Wonarah Phosphate Project. The relationship with Hebang creates an opportunity for Avenira to accelerate the move downstream to the production of yellow phosphorus, adding substantial value to Wonarah resource and delivering a key element in the production of LFP. And GEAR brings substantial development and operations experience in the mining and energy sectors across Asia and Australia, that may be valuable to us as we embark on the development of Wonarah. On behalf of Avenira's board and management, I would like to take this opportunity to thank shareholders for their long-standing support.

Summary of Avenira's Placement


Avenira Limited (ASX: $AEV) has successfully completed a placement to raise approximately A$5 million. The placement received significant demand from high-quality existing and new sophisticated and institutional investors located in Australia and internationally. The proceeds will be primarily used to progress the development of Avenira's Phosphate Projects. The strategic equity investment of A$2 million from Sichuan Hebang Biotechnology Corporation Limited and the non-binding Strategic Cooperation and Offtake Memorandum of Understanding with Hebang will create an opportunity for Avenira to accelerate the move downstream to the production of yellow phosphorus, adding substantial value to Wonarah resource and delivering a key element in the production of LFP. The Company's ambitions and goals include the development of the world-class Wonarah Phosphate Project and the establishment of a framework for close cooperation with Hebang for the development of the Wonarah Project. Avenira expresses gratitude to shareholders for their long-standing support.

Sourcehttps://announcements.asx.com.au/asxpdf/20231206/pdf/05y7yn0py68frb.pdf

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