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LONDON (Alliance News) - Weatherly International PLC said Tuesday its deal to buy the Kitumba project in Zambia had lapsed after it was unable to agree a backstop date extension for the agreement.
Weatherly agreed the deal in December with Intrepid Mines Ltd. The deal would have seen it pay AUD4.8 million in cash on completion of the transaction. In addition, there were deferred payments of AUD500,000 upon a 'decision to mine' and a further AUD500,000 on the achievement of commercial production.
Early in April, Weatherly had sought to extend the backstop date to the end of April. The previous backstop date was at the end of March.
Failure to come to an agreement Intrepid resulted in the acquisition deal lapsing.
Weatherly said further information would be included in its quarterly production update for the three months ended March. This is expected "shortly", it explained.
Shares in Weatherly were 23% lower at 0.58 pence on Tuesday.
