Avalon enters purchase and sale agreement to transfer the Separation Rapids and Lilypad Projects into Joint Venture with Sibelco
SRL will be a joint venture entity co-owned by Sibelco (60%) and Avalon (40%).
- 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.
- "We are very pleased with the dynamic working relationship that exists between Avalon and Sibelco as we continue to advance this exciting joint venture towards completion.