The Company advises that it continues to work closely with Locke to close out a relatively small number of outstanding issues to finalise the litigation funding facility. To enable the parties sufficient time to agree the facility documents, the Company and Locke have agreed to extend the exclusivity period to 15 July 2024.
How will AVZ continue to fund the business?
AVZ has reduced its overheads to conserve cash, has zero debt and is actively seeking equity and debt funding solutions which includes but is not limited to a litigation funding facility. As previously announced, AVZ is in advanced discussions with Locke Capital I, LLC and its investment manager, Locke Capital Limited (Locke) to secure a general working capital and litigation funding facility of up to US$20,000,000.3 The Company is pleased to report Locke has now completed its due diligence and is working with AVZ to agree the terms of a formal agreement.
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held
