(Alliance News) - Curzon Energy PLC on Thursday said Technology Metals Market Ltd informed it of a further extension of the existing exclusivity period until Friday next week, under the terms of the letter of intent signed last month.

The London-based investor and developer in US based natural gas projects said both parties continue to "diligently work"towards the execution and delivery of a definitive purchase agreement.

Curzon Energy said it would continue to update the market on progress as appropriate.

In mid-April, Curzon Energy said it was in Technology Metals Market Ltd over reverse takeover, after executing a letter of intent which has begun an initial 18-day period of exclusivity to conduct due diligence on each other.

It also said Technology Metals Market will also provide Curzon Energy a working capital facility of up to GBP750,000 in the form of a one-year loan note, carrying an annual interest rate of 10% and convertible at the price of any subsequent share issue alongside the potential reverse takeover transaction.

Shares in Curzon Energy are currently suspended.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.