(Alliance News) - Curzon Energy PLC on Thursday said Technology Metals Market Ltd informed it of a further extension of the existing exclusivity period until Friday next week, under the terms of the letter of intent signed last month.
The London-based investor and developer in US based natural gas projects said both parties continue to "diligently work"towards the execution and delivery of a definitive purchase agreement.
Curzon Energy said it would continue to update the market on progress as appropriate.
In mid-April, Curzon Energy said it was in Technology Metals Market Ltd over reverse takeover, after executing a letter of intent which has begun an initial 18-day period of exclusivity to conduct due diligence on each other.
It also said Technology Metals Market will also provide Curzon Energy a working capital facility of up to GBP750,000 in the form of a one-year loan note, carrying an annual interest rate of 10% and convertible at the price of any subsequent share issue alongside the potential reverse takeover transaction.
Shares in Curzon Energy are currently suspended.
By Greg Rosenvinge, Alliance News reporter
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Curzon Energy (CZN)