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- New Energy Minerals (NXE) has further extended the drop dead date for the merger of Ruby Assets’ amending agreement
- The date has been extended by a month to allow for the satisfaction of outstanding conditions
- Many of these prerequisites fall outside both companies’ control
- New Energy’s share price is down a steady 7.69 per cent today with shares trading for 1.2 cents apiece
New Energy Minerals (NXE) has further extended the drop dead date under the merger of Ruby Assets’ amending agreement.
Fura has given New Energy written notification of the extension of the Drop Dead Date, for closing of the ruby assets sale transaction with Fura Gems under the Amending Agreement from December 31 2019 to January 31 2020.
This allows for the satisfaction of the outstanding conditions model, principally the receipt of a binding tax opinion from the tax authorities in Mozambique and ministerial approval.
The timing of receipt of the tax opinion and ministerial approval are outside the control of New Energy and Fura.
However, both companies and its advisors in Mozambique are actively engaging with the Mozambican authorities on these outstanding approvals.
As well as relieving its interests in the Montepuez Ruby Project, New Energy announced the divestment of its remaining 50 per cent shareholding in the Caula vanadium and graphite project in February 2019.
New Energy’s share price is down a steady 7.69 per cent today with shares trading for 1.2 cents apiece at 12:19 pm AEDT.
