News and Announcements
Update on Sale of Swedish Copper Prospect
- Published December 24, 2012 9:25PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Hannans Reward Ltd (Hannans)(ASX:HNR) and Avalon Minerals Limited (Avalon) (ASX:AVI) announced on 16 October 2012 that they had signed a binding Heads of Agreement (HoA) in relation to the sale and purchase of the Discovery Zone Prospect, located in Kiruna, Sweden.
On 26 November 2012 the companies agreed to extend the Due Diligence period through to 21 December 2012. During the course of the Due Diligence process it became apparent that the sale and purchase arrangements contemplated by the HoA were not optimal for either Hannans or Avalon. Consequently both companies have allowed the existing HoA to lapse.
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