Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/aminex-to-sell-up-to-13-of-kiliwani-north-developm.shtmlAminex to sell up to 13% of Kiliwani North Development Licence
Aminex PLC has reached a binding agreement to sell up to a 13% interest in the Kiliwani North Development Licence ('KNDL') in Tanzania (the 'Initial Acquisition')
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Aminex PLC has reached a binding agreement to sell up to a 13% interest in the Kiliwani North Development Licence ('KNDL') in Tanzania (the 'Initial Acquisition') to Solo Oil PLC ('Solo') for a total consideration of $7 million.
Initially Solo will acquire a 6.5% interest in KNDL from Aminex's wholly-owned subsidiary Ndovu Resources Limited ('Ndovu') for a total consideration of $3.5 million and will have a further 45-day option to purchase an additional 6.5% interest in the KNDL (the 'Second Acquisition') for $3.5 million. Aminex will use the net proceeds to reduce significantly the outstanding debt and strengthen its balance sheet.
