Aviva agrees on fee for prospecting licence with Mawana Minerals

ASX-listed resource development company Aviva says it has entered into a purchase agreement with Mawana Minerals to purchase 100% of the prospecting license PL 069 in Botswana from Mawana for US$300 000.

Aviva and Mawana entered into a heads of agreement in 2007 over the Mmamantswe Coal project whereby Aviva could earn a 90% interest in Mmamantswe. Following negotiations between the parties, Aviva will now earn a 100% interest in Mmamantswe through the acquisition of the license.

“Aviva is pleased to have executed this purchase agreement with Mawana which on satisfaction of the conditions precedent would provide Aviva with a 100% interest in Mmamantswe. I would like to acknowledge the efforts of the directors of Mawana in concluding this agreement,” said Aviva’s CEO Lindsay Reed.

Conditions of the agreement include Mawana Minerals notifying the relevant Botswana Minister of the conditional sale of the license and the Minister approving the sale and all Mawana shareholders unanimously approving the sale of the license.

Further, Aviva noted that the fulfilment of the conditions precedent to the purchase agreement with Mawana will also satisfy one of the conditions precedent to the sale of Mmamantswe to African Energy.

Aviva said that it would continue to keep shareholders appraised of the satisfaction of the conditions precedent to this transaction and the sale of Mmamantswe to African Energy.

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