Maybe we should show the COMAPNY ANNOUNCEMENT and conditions...!"""""""DONT see no J V mentioned""""
Pre-Completion Funding Agreement
The Pre-Completion Funding Agreement is intended to fund certain expenditures of AVZ and also AVZ corporate costs and meet ongoing working capital requirements.
Pre-Completion Funding Agreement Committed Amount •
Up to US$20,000,000. Conditions to Drawdown • No material adverse change and no default or potential default has occurred and is continuing • Other customary conditions to drawdown for a facility of this nature
Availability Period •
The funds will be available to AVZ until the earlier of: - a Mining Licence is granted over the Manono Project and completion of the revised TIA; or - completion of scheduled drawdowns in December 2025 or in 2026.
Drawdown •
Drawdowns scheduled as US$10m by end of January 2025, plus two further US$5m drawdowns as and when required by AVZ’s budgeted requirements
Use of funds •
Funds received must be applied to pay AVZ’s costs in respect of efforts to secure the Manono Project and for AVZ corporate costs Interest rate • Funds advanced will attract interest at a rate of 9% per annum • Interest will be capitalised
Repayment •
Funds advanced plus interest will be repaid from proceeds of the Manono Project acquisition price payable by CATH on grant of the Mining Licence and completion of the revised TIA; or • Repayable in full on 31 December 2027.
Security
• The facility will be unsecured for the first US$10m drawdowns • CATH will require security is granted as a condition to the further US$10m utilisation which will also cover the first US$10m drawdowns
Joint strategy •
AVZ and CATH have agreed to work collaboratively to constructively engage with the DRC Government to secure and accelerate the development of the Manono Project.
• AVZ and CATH are committed to resolve the relevant issues in order to see the Manono Project through to production.
