Curzon Energy PLC - London-based investor and developer in US based natural gas projects - In talks with 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. Says both parties have agreed to work towards execution and delivery of a definitive purchase agreement. 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. Says it will continue to update the market on progress as appropriate.
Also announces it has informed Poseidon Enhanced Technologies Ltd of its formal termination of a letter of intent, first announced in early February. This is because the period of exclusivity between both parties had expired, meaning no further obligations remain among the parties. Notes Poseidon Enhanced Technologies will remain "a significant and supportive creditor" of the company, "given the financial assistance it has provided".
Curzon Energy's shares are currently suspended.
By Greg Rosenvinge, Alliance News reporter
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Curzon Energy (CZN)