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REDIVIUM LIMITED — Capital/Financing Update 2013
Oct 7, 2013
65703_rns_2013-10-07_f93f4863-b92b-41f1-aa6d-bdfc7b4b3961.pdf
Capital/Financing Update
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8 October 2013
ASX & MEDIA ANNOUNCEMENT
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$1M Received from Avalon
Hannans Reward Ltd (ASX: HNR) ( Hannans or the Company ) announced on 1 October 2013 that it had reached a variation agreement with Avalon Minerals Ltd (ASX:AVI) (Avalon) in relation to the sale of the Discovery Zone Prospect from Hannans to Avalon. Hannans has satisfied both Conditions of the variation agreement and confirms having received $1 million from Avalon.
Avalon announced on 9 July 2013 that the Discovery Zone formed an important part of the Viscaria Project. With that in mind Hannans and Avalon will meet to finalise the requirements to lodge an updated exploitation concession application with the Mining Inspectorate of Sweden. To complete the acquisition of the Discovery Zone, Avalon is required to pay Hannans a further $3 million within five business days of the exploitation concession being granted.
Pahtohavare Copper Project
Further to Hannans announcement on 17 September 2013, the Company confirms it has requested the approval of the Mining Inspectorate of Sweden to recommence drilling to test high potential copper-gold targets at the 100% owned Pahtohavare Project in northern Sweden later this Quarter. Hannans will advise ASX when all required approvals have been obtained.
Hannans Staff
Hannans confirms it has significantly reduced its staffing levels in Australia, Norway and Sweden following the Company’s funding challenges associated with the recent corporate action.
For further information please contact:
Damian Hicks Managing Director Hannans Reward Ltd +61 8 9324 3388
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