Dec 30 2014
AgriMinco Corp. is focussed on development of renewable energy and agricultural projects in Africa with a strong focus on West Africa.
- ANO establishes new joint venture company in Togo for promotion of renewable energy projects
- Agreement reached with 25,000 member Togolese farmer's cooperative
- Final settlement terms and new joint venture for possible development of Bassar Phosphates
ANO is pleased to announce that it has acquired a 51% interest in the Togolese company SLOD-Africa Sarl. This company will act as a joint venture company for the promotion of the ANO's renewable energy projects in Togo and West Africa, in general.
SLOD-Africa Sarl has entered into an agreement with the Togolese farmer's cooperative ReNOP (Reseau National des Organisations Paysanes du Togo) for the provision of renewable energy solutions for their approximately 25,000 out growers and their families.
In Togo, approximately 66% of the population are involved in agriculture with 5 million out of a population of 6.8 million (2013) having no access to any form of power.
The 2014 annual general meeting of the Company was held on the 04 December, 2014. At the meeting, all the proposed resolutions as laid out in the Management Information Circular were approved.
ANO announces that it previously paid the $275,000 settlement amount payable by it in connection with the settlement agreement disclosed in its Management Discussion and Analysis for the quarter ended June 30, 2014. ANO obtained the necessary funds to pay the settlement and ANO's legal fees from a third party private mining company in exchange for ANO agreeing to sell a 51% interest in the Bassar Project, if, as and when, ANO receives a renewal of the licenses to explore for phosphates on the Bassar Project, and subject to all regulatory approvals.
Should the Bassar licences not be renewed by the 17th March, 2015, or AgriMinco and third party private mining company fail to reach a definitive agreement 60 days after the Bassar licences renewal, the third party private mining company shall be issued, subject to TSX Venture Exchange approval, 9.9% of ANO's outstanding share capital as partial repayment of the settlement costs, legal fees and interest, and pay in cash, when ANO has sufficient funds available the remainder of ANO's settlement costs, legal fees and interest.
Mr Johan Slabber, the CEO, commented: "The settlement above now allows ANO to carry on with the development of its renewable energy and agricultural sector projects by freeing up capital for these revenue generating projects. The first agreement above is seen as a foothold into a sub-region in Africa that desperately needs renewable energy solutions for its rural populations and the Company will continue to work throughout Africa on other potential projects."