Aminex PLC has reached a binding agreement to sell up to a 13% interest in the Kiliwani North Development Licence ('KNDL') in Tanzania (the 'Initial Acquisition') to Solo Oil PLC ('Solo') for a total consideration of $7 million.

Initially Solo will acquire a 6.5% interest in KNDL from Aminex's wholly-owned subsidiary Ndovu Resources Limited ('Ndovu') for a total consideration of $3.5 million and will have a further 45-day option to purchase an additional 6.5% interest in the KNDL (the 'Second Acquisition') for $3.5 million. Aminex will use the net proceeds to reduce significantly the outstanding debt and strengthen its balance sheet.

Tags: Aminex PLC, Solo Oil