News: AEV Avenira Receives Mining Authorisation For Direct Shipping Ore Operations, page-395

On July 25, Hebang Bio's wholly-owned subsidiary Hebang Bio (Hong Kong) Investment Co., Ltd. signed the "Terms Sheet Strategic Placement" with Australian listed company Avenira Limited, and will increase its holdings in AEV and make additional investments in AEV to achieve a controlling stake in AEV. The source of funds for this investment is Hebang Hong Kong's own funds.

Since its listing on the Shanghai Stock Exchange in 2012, Hebang Bio has achieved high-growth development by relying on its own 90.91 million tons of phosphate resources, rich salt mines and natural gas supply advantages from natural gas production areas in the southwest region.

AEV owns high-quality phosphate resources in Australia's Northern Territory, and has mining licenses, industrial planning and land for phosphate development and yellow phosphorus plant investment and construction. Currently, the phosphate resource reserves are about 533 million tons, and the gold exploration area is about 1,724 square kilometers.

In December last year, Hebang Bio announced its intention to subscribe for AEV shares; as of July 25, 2024, Hebang Hong Kong has held 255,608,182 common shares of AEV, accounting for 10.88% of its outstanding common shares.

In the future, according to the contract signed between Hebang Hong Kong and AEV, AEV will place shares to Hebang Hong Kong in two phases at an issue price of AUD 0.006 per share, and Hebang Hong Kong will subscribe for approximately AUD 4.5 million in total. After completing the corresponding placement and the reorganization of the board of directors and management, Hebang Hong Kong will absorb AEV as a holding subsidiary and provide it with an interest-bearing loan to complete the development of the phosphate mine project as soon as possible.

The contractual decision by Hebang Bio and AEV to increase their holdings and achieve controlling stake effectively supplements the company's overseas mineral reserves, and will continue to promote the rational development and utilization of mineral resources and help achieve major breakthroughs in overseas mineral exploration

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