21st Oct 2019 18:13
(Alliance News) - Avesoro Resources Inc on Monday announced a loan agreement with, and recommended the take-over bid made by, controlling shareholder Avesoro Jersey Ltd.
Avesoro's board unanimously recommended the 100 pence per share offer, having "determined that the offer is in the best interests of the company and fair to its minority shareholders".
In addition, it has "entered into a loan agreement in connection with an additional working capital facility". The loan amount is up to USD5.0 million and has been agreed with Avesoro Jersey. It has two tranches and will "assist with satisfying the company's near term cashflow needs".
Shares in Avesoro closed down 1.0% at 94.02 pence in London on Monday.
By Anna Farley; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Avesoro Resources