Battery cathode and fertiliser focus project developer Avenira Limited (ASX: AEV) has secured a Strategic Investment from its largest shareholder, Sichuan Hebang Biotechnology Corporation
Funds from a placement will be used for progressing the Yellow Phosphate project study work, Lithium Ferro Phosphate study work and for general working capital.
As part of the investment, Hebang has the right to appoint an Executive Chairman and two directors to the Board, as well as a Chief Executive Officer and Chief Financial Officer to the management team.
The strategic investment includes Tranche 1 placement to raise A$1.7 million and a Tranche 2 placement to raise A$2.79 million.
“We are very pleased to welcome Hebang, our major shareholder with a further investment and increased participation in Avenira,” Avenira Chairman and Chief Executive Officer, Brett Clark, said.
“The increase in cooperation with Hebang creates an opportunity for Avenira to accelerate the downstream development of the Yellow Phosphorus Project, adding substantial value to Wonarah resource and delivering a key element in the production of LFP.”
