Brief: Akva Group Signs Non-binding Term Sheet With Aquacon

Akva ASA

12/06/2020 07:07

June 12 (Reuters) - Akva Group ASA  AKVA.OL :
    * REG-AKVA GROUP ASA: POTENTIAL NEW LAND BASED PROJECT
    * AKVA GROUP ASA HAS SIGNED A NON-BINDING TERM SHEET WITH
NORWEGIAN COMPANY AQUACON AS
    * FINAL CONTRACT, IF AWARDED, IS EXPECTED TO HAVE A MINIMUM
VALUE
OF USD 130 MILLION
    * PROJECT AND AKVA'S DELIVERIES ARE EXPECTED TO BE COMPLETED
BY
2023
    * TERM SHEET IS EXPECTED TO REMAIN EFFECTIVE UNTIL 31
DECEMBER
2020
    * WILL PARTICIPATE WITH EUR 3 MILLION IN EQUITY IN PROJECT
IF
SUFFICIENT FURTHER FINANCING IS ACHIEVED
    * WILL ALSO PROVIDE A CONVERTIBLE LOAN IN AMOUNT OF EUR
500,000 AS
BRIDGE FINANCING UNTIL FINANCING OF PROJECT HAS BEEN COMPLETED

Source text for Eikon:  ID:nGNE6rcVY4 
Further company coverage:  AKVA.OL 

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