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ATHENA RESOURCES LIMITED — Capital/Financing Update 2018
Jul 31, 2018
64341_rns_2018-07-31_5ade0d95-62bc-4a44-8a59-affbc73c011d.pdf
Capital/Financing Update
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1 August 2018
The Company Announcements Office Australian Securities Exchange Limited 4th Floor 20 Bridge Street SYDNEY NSW 2000
TERMINATION OF SALE OPTION AGREEMENT FOR BYRO PROJECT
On 6 December 2016 Athena announced that it and Brilliant Glory Industrial Corporation Limited together with Brilliant Glory Investments Pty Ltd (collectively, Brilliant Glory ) had signed a formal Sale Option Agreement.
The agreement was subject to a satisfaction date (or sunset date) of 30 June 2017 which was subsequently extended a number of times, with the most recent extension being to 31 July 2018.
On 28 May 2018 Athena gave notice to Brilliant Glory that Athena had completed its Conditions Precedent to the Sale Option Agreement. Brilliant Glory has not completed its Conditions Precedent required under the Sale Option Agreement. In view of these matters Athena has decided not to grant any further extensions and has served Brilliant Glory with a termination notice. Accordingly, the agreement is at an end.
As a result of the termination of the Sale Option Agreement, the Board will actively investigate alternative funding options for the Byro Project and will update the market in due course.
Yours faithfully
E W Edwards Executive Director