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Avenira receives A$12.3M in commitments ahead of proposed entitlement offer

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Avenira receives A$12.3M in commitments ahead of proposed entitlement offer

Avenira Ltd. said Oct. 9 that major shareholders committed for up to approximately A$12.3 million of its proposed pro rata entitlement offer aiming to raise A$13 million.

A portion of the funds will go toward an expansion at the company's Baobab phosphate mine in Senegal.

The company's major shareholder and Baobab partner Tablo Corp. committed for US$3.4 million, while Groupe Mimran will subscribe for approximately A$2.3 million, plus an underwriting commitment of A$1.9 million.

Avenira's largest shareholder, Agrifos, agreed to subscribe for US$2.2 million of shares and Agrifields DMCC agreed to commit up to A$5.3 million, including an agreement to underwrite up to A$4.7 million of any shortfall.

In addition, Agrifields will nominate an independent nonexecutive director to Avenira's board.

Avenira will use the proceeds to repay loans totaling US$3.6 million from Groupe Mimran and Agrifos, to complete engineering studies for the Baobab expansion, to finalize a large mine permit application and for general working capital.