SRL will be a joint venture entity co-owned by Sibelco (60%) and Avalon (40%). Closing of the sale remains subject to a number of conditions, including but not limited to, the execution of a definitive Joint Venture Company Shareholders Agreement (the “JV Agreement”) between Avalon, Sibelco and SRL. As agreed between Avalon and Sibelco, Avalon used the amount raised from the additional subscription to fund expenditures on the joint venture properties. Closing of the transaction, signing the JV Agreement and the establishment of SRL as the joint venture company is expected to occur on or about November 9, 2023. Forward-Looking InformationThis news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation.

Source: The Bubble November 03, 2023 02:20 UTC