- The company has completed the first phase of its strategic review of funding and development options.
- Exclusivity Agreement signed with potential strategic partner for the Häggån project
As announced to ASX on 10 May 2012, Aura Energy (ASX:AEE) appointed leading independent Australian investment bank Gresham Advisory Partners Limited to act as corporate advisor to Aura in connection with a review of funding and development options for its flagship Häggån project in Sweden.
The company was encouraged by the widespread interest shown in the Häggån project by a range of strategic and financial investors.
After thoroughly reviewing the alternatives with the assistance of its advisers, the company has signed an Exclusivity Agreement with a major uranium market participant, in respect of a potential strategic partnership which would provide funding for further feasibility work at Häggån, in return for equity in the project.
The Agreement provides an exclusivity period of 90 days, during which the parties will attend to outstanding due diligence and negotiation of definitive documentation. The obligation of exclusivity is subject to a fiduciary carve-out in respect of any unsolicited superior proposals which may be received, subject to payment of a $150,000 break fee.
It should be stressed that discussions remain at any early stage and there can be no assurance that a binding agreement will be executed. Aura will provide further updates on the process in due course. In the meantime, Aura remains focused on advancing its suite of uranium assets in Sweden, Mauritania and Australia.
Dr. Bob Beeson