The oil and gas firm said a period of exclusivity between itself and Sun Seven Stars Investment Group has been extended from its original end date of June 30
() said negotiations over a potential reverse takeover by Sun Seven Stars Investment Group (SSSIG) are continuing.
The oil and gas firm said a period of exclusivity between itself and SSSIG has been extended from its original end date of June 30, 2020, although formal terms covering the extension of the exclusivity period and the nature of additional financial support to be provided by SSSIG to the company have yet to be finalised.
Curzon said the coronavirus pandemic and lockdowns in the UK and US had caused delays and disruptions to the overall due diligence process, however, both parties remained “positive” regarding a potential transaction.
The firm added that both parties were continuing to work towards a potential transaction, but there could be no certainty that due diligence when complete will be positive, nor to be able to predict the length of time required to reach definitive agreement, or the likelihood of concluding a successful transaction.
Curzon also said under the original agreement it has been provided with a loan totalling £185,000 from SSSIG, carrying a 10% interest rate per annum, which is repayable in one year and, if a potential transaction between the parties is agreed and completed, will be convertible into equity.
Read More: Curzon Energy PLC continues negotiations over possible reverse takeover