Woodbois Limited Timber Offtake Agreement MOU (0558V)
November 29 2019 - 2:00AM
UK Regulatory
TIDMWBI
RNS Number : 0558V
Woodbois Limited
29 November 2019
29 November 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
Timber Offtake Agreement MOU
Woodbois, the African focused forestry and timber trading
company, is pleased to announce that it has entered into a
Memorandum of Understanding ("MOU") with a leading West African
timber supplier ("Supplier") to offtake all of their timber
production in Liberia. A formal offtake agreement is expected to be
entered into in January 2020.
Under the terms of the MOU, Woodbois will have exclusive right
of first refusal to purchase.
The formal offtake agreement is expected to generate material
additional trading revenue for the Group in 2020, with scope to
increase as the agreement develops.
The MOU shall automatically renew on 31(st) December 2020,
unless otherwise agreed. Either party may terminate the MOU at one
month's notice.
CEO Paul Dolan commented "This agreement will allow us to
further diversify the products we offer to our broad customer base.
We are delighted that the organisation with whom we have partnered
in Liberia, has recognised the advantages of supplying through the
Woodbois brand. "
Woodbois Limited
Paul Dolan - CEO
Kevin Milne - Interim Chairman
www.woodbois.com +44 (0)20 7099 1940
Arden Partners Plc (Nominated adviser and broker)
Richard Johnson / Ciaran Walsh +44 (0)20 7614 5900
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END
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