SMM11 11: AVZ and Yibin Tianyi Lithium Co., Ltd. signed a conditional subscription agreement, after completing the A $14.1 million strategic placement, Yibin Tianyi will hold a 12% stake in AVZ Mining Co., Ltd.
Upon completion of the placement, Yibin Tianyi will own a 12 per cent stake in AVZ Mining. Yibin Tianyi has the support of a number of Chinese entities, including Ningde Times, China's largest electric vehicle battery maker, and Suzhou Tianhua Super Clean Technology Co., Ltd. In accordance with the subscription Agreement (the "subscription Agreement"), upon completion of the placing, the parties will negotiate in good faith to agree on and implement a binding acceptance agreement for the products of the Manono Lithium and Tin Project. Yibin Tianyi is currently building the first phase of its lithium chemical plant in Yibin, China, which is expected to be completed in the second quarter of 2020. The second phase of the expansion is expected to be completed in 2023 / 2024.
The funds raised enable AVZ to complete an additional 5 per cent project interest from Dathomir and to carry out early development work on the Manono project. AVZ Mining Co., Ltd. (ASX: "AVZ" or "Company") indicated that it would be happy to issue 314300000 shares to Yibin Tianyi Lithium Co., Ltd. ("Yibin Tianyi") in the form of 4.5 cents per share ("placing").
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