Hazer Group (ASX: HZR) is pleased to announce that AP Ventures Fund II GP LLP has received approval from the Foreign Investment Review Board (FIRB) for their $4 million investment in Hazer Group previously announced to the ASX on 30 November 2020 and approved by Hazer shareholders on 12 January 2021. With completion of the transaction, the Board of Hazer Group is delighted to announce that Andrew Hinkly, Managing Partner of AP Ventures, has been invited to join the Board of Hazer Group.
Hazer Group is pleased to advise that it has been granted access to the project site at the Woodman Point waste-water treatment facility for the Hazer Commercial Demonstration Project (the Hazer CDP). Mobilisation of equipment, site-clearing and civil earthworks will commence this week.
Hazer Group Limited wishes to advise that Mineral Resources Limited has advised Hazer that it will not be proceeding to Stage 2 of the development of the synthetic graphite project proposed under the binding cooperation agreement entered into between the companies in December 2017 (Collaboration Agreement). A deed of termination in respect of the termination of the Collaboration Agreement has been exchanged between the companies and is expected to be executed in due course.
Approved the Final Investment Decision for the Hazer Commercial Demonstration Plant (“CDP”) project and appointed Primero Group as our engineering, procurement and construction contractor.
Progressed detailed engineering, procurement and permitting activities for the Hazer CDP. At end of quarter, detailed engineering estimated to be 55% complete with main package long lead item orders placed.
Conﬁrmation received from the Australian Renewable Energy Agency (ARENA) that the Milestone 1 conditions of the Funding Agreement have been achieved, release of the $2.2 million Milestone 1 grant in the course of being processed.
Execution of binding agreements for a $6.0 million senior secured loan facility from Mitchell Asset Management (MAM Loan Facility). The ﬁrst $2.0 million drawdown is expected in Q4 calendar year 2020.
Investment Terms Agreed with AP Ventures Fund II GP LLP, a fund headquartered in London with a global mandate to invest in pioneering new technologies and companies.
Cash reserves of $15.53 million as at 30 September 2020. Subsequent to the end of the quarter further liquidity added with receipt a $0,951 million R&D Tax Incentive rebate for FY20 and option exercise proceeds totalling $2.440 million.
Hazer Group Limited is delighted to advise that it has executed a non-binding term sheet with AP Ventures Fund II GP LLP (APV) for an investment in Hazer by APV.