February 28 (SeeNews) - Natural resources investing company MetalNRG said on Friday it has agreed to extend the exclusivity period for a deal involving the acquisition of 75% of a Romanian oil-and-gas concession from a London-based oil-and-gas investment specialist.
In order to allow completion of the ongoing processes we have agreed with the vendor an extension of the exclusivity period up to the end of March 2020, MetalNRG said in a press release. The initial exclusivity period for the deal was February 28, 2020.
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"I am pleased with the progress so far, not only for our due diligence, but also for the opportunity of a debt based financing option, which would allow us to complete the transaction. We have now extended the exclusivity period to ensure that all elements of the transaction are dealt with in good order and I look forward to supplying further updates within the forthcoming weeks," MetalNRG CEO Rolf Gerritsen said.
MetalNRG announced the signing of the non-binding exclusivity agreement on November 29.
The London-based oil-and-gas investment specialist is the owner of an established operating company based in Romania, which owns 100% of a target oil and gas concession, valid to 2034, MetalNRG said without elaborating.
Formerly known as ZimNRG, MetalNRG is a London main market quoted company seeking investments in precious and strategic metals. The company seeks to invest in or acquire interests in the natural resources and energy sector with potential for growth and value creation over the medium to long term. It has direct investments in the United States, Kyrgyzstan and Australia.