(Alliance News) - Reabold Resources PLC on Monday said it has "significantly progressed" discussions with certain existing Rathlin shareholders regarding a proposed equity swap, though it has encountered a delay.
The firm said "certain legal and administrative issues" have caused a delay to entering into a binding equity swap agreement. Accordingly, Reabold will not be issuing any new shares in connection with the proposed equity swap on Thursday.
"Subject to shareholder approval, the company will be issuing and allotting the placing shares as planned," the company said, adding that even though significant progress has been made, there can be no certainty the swap will be completed.
Shares in Reabold were down 2.9% at 0.898 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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Reabold Resources (RBD)