StockMarketWire.com - Aminex has executed a sale and purchase agreement for the disposal of a 3.825% interest in Kiliwani North Development Licence to Solo Oil for US$2.16 million.

Following full receipt of the consideration, Solo's interest will increase from its current 6.175% to a 10% interest in KNDL.

As announced on 11 February, the transaction represents the part exercise of its pre-existing option to acquire a further 6.175% interest.

The remaining entitlement under the option has now expired.

Under the terms of the agreement, Solo's interest will increase across three payment tranches to Aminex for a total cash consideration of US$2.16 million:

- Initial investment of US$566,802 for an additional 1% interest on signature of the SPA, increasing Solo's total interest from 6.175% to 7.175%

- A second investment of US$708,502 for a further 1.25% interest within 15 days of first US$ payment being received for gas from Kiliwani North-1 ("KN-1"). Solo's total interest will increase to 8.425%

- A third investment for the balance of US$892,712 for an additional and final 1.575% interest within 15 days of the commercial operations date being declared, taking Solo's total and final interest to 10%

If a tranche is missed, then that option is no longer exercisable. The tranches are separate and not inter-conditional. Should all three tranches close Aminex will have a 51.75% operated stake in Kiliwani North Development Licence.


At 9:03am: [LON:AEX] Aminex PLC share price was +0.03p at 1.33p



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