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Operational and Financial Update

Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) is pleased to provide the following update in relation to the Company’s operations and finances.

Capital Raising

Avenira has completed the capital raising announced on 18 March 2024 to raise gross proceeds of $1.251 million and net proceeds to AEV of $1.193 million (Capital Raising).

Advanced Lithium Electrochemistry Ltd (“Aleees”)

The Company provides the following update with respect to the Licence and Technology Transfer Agreement entered into between Avenira and Aleees on 26 September 2023 (Licence Agreement).

Aleees and Avenira have agreed to the deferral of the two remaining USD$750,000 tranches owing under the Licence Agreement until 1 January 2025 and 1 April 2025.

Avenira and Aleees have made no changes to the Licence Agreement other than the deferral of the tranche payment dates referred to above, and there are no new or additional obligations on Avenira as a result of the payment deferrals agreed with Aleees.

The deferral of the Aleees payments has no impact on any current work being undertaken in relation to the Licence Agreement and will not impact any future work programs between Avenira and Aleees.

Reinstatement to Quotation

Avenira confirms that it is in compliance with the ASX Listing Rules and is not aware of any reason for its securities not to be reinstated to quotation.

Avenira confirms that, following the completion of the Capital Raising, it has sufficient working capital to carry out its business objectives referred to below.

In the opinion of the directors there are reasonable grounds to believe that Avenira will be able to pay its debts as and when they become due and payable.

Click here for the full ASX Release

This post appeared first on investingnews.com

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