Curzon Energy PLC - investor in US based natural gas projects - Terminates discussions with Sun Seven Stars Investment Group, for the reverse takeover of the metals trading exchange London Critical Metals Market.
Has now entered an initial period of exclusivity with Poseidon Enhanced Technologies - which aims to convert waste virgin polyethylene terephthalate produced from crude oil and plastic into recycled feedstock for the packaging and fibre industries - in which both companies will conduct due diligence on each other.
During the period, both companies will work to deliver a definitive purchase agreement, which will eventually progress towards a takeover of Poseidon by Curzon.
Poseidon will lend Curzon an initial amount of GBP65,000 through a one-year loan note, carrying an annual interest rate of 10% per annum, and can be converted into shares. Under the note's terms, a total of GBP500,000 can be drawn down by the company under mutual agreement.
Due to the potential transaction constituting a reverse takeover, Curzon's shares have been temporarily suspended.
Current stock price: 0.78 pence
Year-to-date change: down 13%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Curzon Energy (CZN)