Richland Resources extends due date for disposal of subsidiary

Richland Resources announced an extension to the long stop date for the acquisition of its wholly-owned subsidiary Richland Corporate by Fura Gems on Monday.

The AIM-traded firm had previously announced that Fura Gems had exercised its option to conditionally acquire all of the issued shares of Richland Corporate, as well as all of the company's loans to Richland Corporate.

It said on Monday that the long stop date for the amended option agreement, under which the acquisition was taking place, had been extended from 30 November to 7 December.

“The revised long stop date will enable the parties to finalise the remaining legal formalities in relation to the completion of the proposed disposal,” the board of Richland Resources said in its statement.

The company also noted that, as it had announced on 27 June, the maturity date of the secured convertible loan facility was extended to the long stop date, and that the new maturity date for the facility was now 7 December, as agreed with the provider.

“A further announcement will be made, as appropriate, in due course.”

At 0805 GMT, shares in Richland Resources were down 5% at 0.086p.