Related Party Transaction

RNS Number : 0243C

Aura Energy Limited

06 October 2022

 

 

        6 October 2022

Aura Energy Limited

Related Party Transaction

Aura Energy Limited (ASX:AEE, AIM:AURA) ("Aura", the "Company") a company focused on the development of the 85% owned Tiris Uranium Project, Mauritania ("Tiris"), notifies an event of non-compliance with Rule 13 of the AIM Rules for Companies (related party transactions) in February 2021.

The relevant transaction comprised an advance of A$38,000 on 10 February 2021 (the "Transaction") by Peter Reeve, the Company's then Managing Director & CEO, to Aura to provide additional cash reserves to ensure retention of key tenements for the benefit of shareholders ahead of other receipts anticipated by the Company.

The funds were not utilised by the Company and were reimbursed to Mr Reeve eight days later on 18 February 2021.  Mr Reeve earned no fees, interest or other benefit from the Transaction, and there was no cost to shareholders. 

As Mr Reeve was a Director of Aura at the time of the Transaction, it constituted a related party transaction pursuant to AIM Rule 13, and should have been reported in February 2021. As such, no consultation took place between the remaining Aura Directors, who were independent of the Transaction, and the Company's Nominated Adviser at the time of the Transaction. The Transaction was disclosed in the Company's 2021 Annual Report.

Mr Reeve ceased to be a Director of the Company in December 2021 and all current Directors of the Company were appointed after the Transaction occurred.

For Further Information, please contact:

Will Goodall Acting CEO Aura Energy Limited [e-mail]	Jane Morgan JMM Investor & Media Relations [e-mail] [phone]
SP Angel Corporate Finance LLP (Nominated Advisor and Joint Broker) David Hignell Kasia Brzozowska [phone]	WH Ireland Limited (Joint Broker) Jessica Cave Andrew de Andrade [phone]

	About Aura Energy (ASX:AEE, AIM:AURA)
	Aura Energy is an Australian-based minerals company with major uranium and polymetallic projects with large resources in Africa and Europe. The Company is principally focused on initial uranium production at its Tiris Uranium Project, an evolving major greenfields uranium discovery in Mauritania, with Aura announcing a Resource Upgrade in August 2021, bringing the total JORC Resource to 56 Mlbs (at a 100 ppm U3O8 lower cut-off grade). Aura also completed a 2021 capital estimate update for the Tiris Definitive Feasibility Study, to reflect current global pricing, reconfirming Tiris as one of the lowest capex, lowest operating cost uranium projects slated for development. In October 2021, the Company entered a US$10m Offtake Financing Agreement with Curzon, which includes an additional up to US$10m facility, bringing the maximum available under the agreement to US$20m. In 2022, Aura will continue to transition from an advanced uranium explorer to uranium producer, to capitalise on the growing appetite for nuclear power as a critical, baseload, near-zero-carbon energy source to help drive the global shift towards decarbonising energy generation. @AuraEnergyAEE      https://www.linkedin.com/company/aura-energy-limited     Subscribe for Investor Updates

 

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