LONDON (Alliance News) - Bezant Resources PLC on Tuesday said its option to acquire Leeward Islands Exploration LLC has been extended.
The mineral exploration and development company said the extension allows it to complete due diligence.
The option is now scheduled to expire on January 20 or "such later date as the parties may agree".
All other terms remain the same, as when the deal was disclosed in November, when the option expiry had been set to December 31.
Leeward is a special purpose vehicle which has rights to potentially acquire interests in near-surface, alluvial platinum and gold mining and exploration licences in the Choco Department of Colombia.
Bezant said at the time it would pay an upfront USD50,000 option fee and would provide Leeward with a USD350,000 loan facility to cover working capital on the licences. If Bezant exercises the option, it will pay a USD1.0 million cash consideration and another USD1.0 million in shares to acquire the licence interests.
Shares in Bezant were untraded on Tuesday at 2.12 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Bezant Res (BZT)