KEY DEAL TERMS AND INVESTMENT HIGHLIGHTS:
• Qianyun has advised that the due diligence condition to its subscription agreement with AGY is not satisfied by the agreed end date, and AGY has not agreed to grant to Qianyun a further extension. AGY considers it preferable to conduct this placement - to progress project works and fast-track toward LCE production - which is less dilutive and not subject to Chinese regulatory approvals and further delay
• Off-take arrangements with Qianyun remain in place pending payment of the prepayment by Qianyun. AGY intends to continue to cooperate with Qianyun and continue a positive working relationship with them
• AGY has an in-principle agreement with its project partners to transfer the 77.5% interest in the JV entity at the Rincon Lithium Project
• Stage 2 pond construction works are continuing and scheduled for completion by end-October (as previously announced)
• Production well drilling and exploration drilling to delineate JORC resources is being carried out
• Stage 1 lab-scale pilot plant on schedule to be completed by end-December 2017; and (most importantly)
• First battery grade LCE product targeted for March 2018 quarter
• REMOVAL OF QIANYUN PLACEMENT ALLOWS FOR POTENTIAL CORPORATE ACTIVITY AS NO BLOCKING STAKE WILL EXIST
I am in!!!!
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