Element 25 Ltd
Element 25 Ltd (ASX:E25) is listed on the Australian Securities Exchange.
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Element 25 and OM Holdings extend manganese offtake exclusivity period for Butcherbird Project
Element 25 Ltd (ASX:E25) (FRA:QFP) and OM Holdings Ltd's (ASX:OMH) subsidiary OM Materials (S) Pte Ltd have agreed to an extension to the manganese ore offtake exclusivity period for its Butcherbird Manganese Project in Western Australia.
This extension is to allow sufficient time for the definitive documents to be finalised.
The exclusivity will be extended by 30 days and will now expire on January 10, 2021.
Offtake deal
Key commercial terms have and continue to be agreed under a non-binding term sheet to sell 100% of the manganese ore produced - up to 365,000 tonnes per annum - from the first stage of the Butcherbird project development to OM Materials, under a take-or-pay offtake arrangement
In addition to the offtake deal, E25 and OM Materials are also negotiating the final terms of a $2 million convertible funding agreement, which will be part of the overall project financing.
Other Element 25 Ltd news
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2020-09-28 - Element 25 sees 2020 as transformational as it works to bring Butcherbird Manganese Project into production
2020-09-22 - Element 25 further de-risks Butcherbird Manganese Project as tests confirm process water supply
2020-08-03 - Element 25 more than doubles target with heavily oversubscribed SPP raising $3.2 million
2020-07-23 - Element 25 raising up to $5 million to accelerate Butcherbird Manganese Project development
2020-07-06
