3rd Oct 2013 13:08
LONDON (Alliance News) - Leni Gas and Oil PLC Thursday said it has agreed with Maxim Resources Inc. to extend the deadline for completing the heads of agreement transaction between the pair.
The exploration and development oil and gas company said that the companies have extended the agreement by six months in order for Maxim to continue to pursue an imminent court case concerning its interests in Trinidad.
Leni Gas and Oil said the original proposed closing date of the transaction was September 26.
The company paid Maxim an initial refundable CAD75,000 and is committed to making a further CAD2.4 million investment in cash or shares for up to 30 million shares, representing a maximum of 49% in Maxim, before closing the extended heads of agreement.
Leni Gas and Oil shares were up 0.6% to 0.84 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
LGO.L