LONDON (Alliance News) - San Leon Energy PLC said Wednesday it has agreed to push back further the transferral of funds to complete its acquisition of Canadian-firm Mart Resources Inc.
San Leon was supposed to transfer the USD64.6 million consideration for Mart Resources into an escrow account by February 17, but then extended that by one week before securing another extension later in the month to the beginning of March. Last week, it said the funds would be in the account by March 8.
On Wednesday, San Leon said it has now mutually agreed with Mart Resources that the purchase price should be placed into the escrow account by March 21, which has also meant other corresponding dates have been pushed back.
San Leon said Midwestern Oil & Gas Company Ltd has agreed to transfer USD1.0 million in cash with Mart Resources as a deposit towards a break fee for San Leon should the deal not go ahead.
Shares in San Leon were untraded on Wednesday, having last traded at 29.12 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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San Leon (SLE)