Maxim Resources (CVE:MXM) has extended the deadline for closing its tie-up with Quest Investments, so that it can complete certain procedural requirements as it seeks a listing on London’s AIM market.
The Toronto listed group has now paid US$100,000 to Quest to move the first closing date to August 17.
"Maxim is very pleased with the progress we have made in securing the finance to fund the acquisition and Admission to the AIM market. We would also like to thank Quest for the extension that has been granted in order to accommodate this," said chief executive Andrew Male.
Maxim and Quest agreed terms for their new venture, in the Emirate state of Umm Al Quwain, back in early June.
And the venture will be supported by a fundraise, associated with its listing onto AIM.
Maxim will invest up to US$7.5mln to acquire a 50% stake in Quest Oil & Gas and it will have at least 17.5% interest in the exploration concession. Maxim will pay Quest Investments by paying cash and issuing new shares.
Quest Oil & Gas will in turn own half of CanEmir Petroleum, alongside Arawak Energy. And CanEmir owns of 70% of UAQ PL, which is the holder of the concession. The other 30% of UAQ is Hong Kong domiciled vehicle PTTEP.