Avenira Secures AU$4.5 Million Investment from Shareholder Sichuan Heband Biotechnology

MT Newswires Live07-31

Avenira (ASX:AEV) secured a strategic investment from its largest shareholder Sichuan Hebang Biotechnology (SHA:603077) via a AU$4.5 million two-tranche placement at AU$0.006 per new share, according to a Tuesday filing with the Australian bourse.

Tranche 2 of the placement requires shareholder and other regulatory approvals and, pending its approval, Hebang will provide a AU$2.8 million unsecured loan, the filing said.

Funds from the placement will be used to advance Avenira's Yellow Phosphate and Lithium Ferro Phosphate study works and for general working capital, according to the filing.

Hebang can appoint an executive chairman, two board directors, a chief executive, and a chief financial officer to Avenira's management as part of the investment, the filing said. It will appoint Mo Yang as executive chairman and CEO.

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