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LONDON (Alliance News) - Strategic Minerals PLC is to defer the initial payment for its buyout of the Cornwall Resources Ltd joint venture, it said Wednesday.
Strategic announced the acquisition earlier in May, buying the remaining 50% of Cornwall Resources from New Age Exploration Ltd for AUD5 million, or around GBP2.7 million. It was to pay AUD2 million by Thursday.
This initial sum has now been put back to June 27, to allow Strategic's Cobre asset to receive funds from a major client. Strategic sells magnetite from the Cobre stockpile in New Mexico.
On Friday last week, Strategic said the client has asked Strategic to halt legal action for two weeks to allow it to pay USD375,000 in arrears and top up a deposit held by Strategic by USD3.7 million.
Strategic Managing Director John Peters said: "The deferral of the settlement date for the acquisition of the balance of Cornwall Resources shares allows the company to match expected cash flows within Southern Minerals Group LLC."
"We thank New Age Exploration for working with us in this regard and this agreement reflects the close relationship developed over the past few years."
Shares were 0.6% lower on Wednesday at a price of 1.73 pence each.
