Aziana Limited (ASX:AZK) is close to bagging US$2 million (A$2.6 million) from the sale of its wholly-owned bauxite project in Madagascar.

Aziana has granted the prospective buyer a one month extension.

A team led by the prospective buyer is presently onsite and working towards the completion of the due diligence process.

In March, Aziana signed a conditional agreement with India’s Thankys Exports Pvt. Ltd.

The non-binding agreement includes a royalty of US$0.50 per tonne of bauxite mined.

Manantenina currently has a resource of 10.09 million tonnes. Further high quality bauxite has been identified over more than 80 square kilometres of the project but is as yet unquantified.

Thankys exports gibbsiferous bauxite from their existing mines in India and has been involved in the exploration for and development of bauxite deposits since 1980.

BrainChip Acquisition

Aziana is progressing the acquisition of artificial intelligence company BrainChip.

Earlier this month, it secured a $500,000 convertible loan note agreement to facilitate the closing of the transaction.

This is part of the overall $4 million capital raising that is underwritten by two major shareholders to fulfil any capital raising hurdles associated with the acquisition.