aviva unveils 24 million for new acquisitions

Aviva Corporation unveils AUD 24 million for new acquisitions

`Australian junior, Aviva Corporation has unveiled an AUD 23.5 million war chest as it kicks off its hunt for new acquisitions following its recent sale of the Mmamantswe coal project.

Having already disinvested from Kenya last year, the recent Mmamantswe sale leaves Aviva with about 6 months to identify a suitable business before the Australian Securities Exchange possibly suspends its listing.

Aviva directors said that the improved purse was helped by the AUD 3.5 million Mmamantswe sale as well as an AUD 1.65 million placement of Aviva shares with Arredo Pty Ltd. The company is now very well placed to pursue new business development opportunities in the resources sector.

The company is continuing to assess new opportunities both domestic and overseas in the resources sector targeting a number of commodities. The hunt for new opportunities will be spearheaded by two new directors, Mr Ian Middlemas and Mr Mark Pearce, who were appointed to the board as part of the placement with Arredo.

They said that Middlemas is associated with Arredo. Middlemas and Pearce have historically been able to identify company making projects" in a wide range of commodities such as coal, gold, uranium, iron ore and base metals. Middlemas and Pearce have had success in identifying and exploiting value creating opportunities for companies in which they invest. The directors believe that the appointment of Middlemas and Pearce to the Aviva board should better position the company to identify and attract value creating opportunities for the benefit of all shareholders.

For African Energy Resources, which bought Mmamantswe, the recent sale provides access to 1.3 billion tonnes of thermal coal, 895 million tonnes of probable reserves as well as advanced studies for a coal mine, export project and power station. The new assets add onto AFR's own 2.5 billion tonnes of estimated coal resources at its Sese project, located 50 kilometers from Francistown.

Source - Mmegi.bw

(www.coalguru.com)