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Coolimba Term Sheet and Exclusivity Period 22 September, 2010 Aviva Corporation Ltd (ASX: AVA, BSE: AVIVA) is pleased to advise that it has nominated a preferred development proponent for the Coolimba Power project and has entered into an Term Sheet and Exclusivity Period, extending from now until 31 January 2011. The Exclusivity Period will allow for the completion of a due diligence process and if terms are finalized, the execution of detailed documentation. The Term Sheet provides for the establishment of a Coolimba special purpose vehicle (SPV) to take the project forward and includes: a payment of $1.25 million to Aviva upon the execution of detailed documents; reimbursement of Aviva’s direct expenditure of $11 million upon initial financial close; and an ongoing economic interest in the power project. Under the proposal Aviva will make available to the Coolimba SPV all the resource data, operational data, design, approval processes and corporate entities required to effect the development of the Coolimba Power project. Aviva will continue to provide input and assistance to the project as required. Aviva has agreed to the proponents request for a $3 million break fee, for the duration of the Exclusivity Period. The proposal is a positive step toward value recovery for Aviva shareholders for five years of effort and millions of development dollars. Coolimba is well placed for development as an integrated energy supply for one or more resource developments in the Midwest region. The preferred proponent has strong relationships with likely customers in the Midwest. The configuration of the Coolimba Power project allows a number of staged development scenarios to be considered, said Mr Lindsay Reed, CEO of Aviva Corporation. “The approval secured for 2 x 180MW gas fired units and 3 x 150MW coal fired units will enable a developer to elegantly match available fuel with the timing of emerging loads.” he said. http://avivacorp.com.au/wp-content/uploads/2010/09/100922-Co… |
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| aus der Diskussion: | ....gute Projekte mit spitzen Aussichten !!!! |
| Autor (Datum des Eintrages): | Dicker69 (01.10.10 21:23:31) |
| Beitrag: | 45 von 60 (ID:40251742) |
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