(Sharecast News) - Fulcrum Metals announced an extension to the completion date for the proposed sale of its Saskatchewan uranium projects to Terra Balcanica Resources on Friday.
The AIM-traded firm said the transaction, first announced on 3 April, was expected to be finalised in May.
However, due to delays in the documentation process, both parties had now agreed to extend the deadline to 15 June.
The letter of intent signed on 2 April granted Terra the option to acquire a 100% interest in Fulcrum's uranium projects.
Despite the extension, the other terms of the letter of intent remained unchanged.
Fulcrum said that while it anticipated finalising the agreement by the new deadline, there was no guarantee regarding the execution or timing of the definitive agreement.
"Since signing the non-binding letter of intent, Terra has been fully engaged in working towards the completion of the acquisition of our exciting, highly prospective, uranium portfolio in Saskatchewan, a premier uranium jurisdiction," said chief executive officer Ryan Mee.
"Certain steps under that process have, unfortunately, taken longer than anticipated, but we are confident that the acquisition will be completed by the extended back stop date of 15 June.
"I look forward to providing further updates as the transaction is closed out and welcoming Terra as a partner to explore and advance these projects in a strong industry driven by the energy transition to lower baseload power carbon emissions."
Reporting by Josh White for Sharecast.com.
Fulcrum Metals (FMET)