Proactive Investors - Run By Investors For Investors

Maxim Resources extends deadline for Quest deal

Maxim has until August 17 to complete the Quest deal
Maxim Resources extends deadline for Quest deal
Maxim boss Male is pleased with progress towards a financing and an AIM listing

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.

Why Invest In Maxim Resources Inc? Read More Here

Register here to be notified of future MXM Company articles
View full MXM profile

Maxim Resources Inc Timeline

Related Articles

onshore drilling operation
May 16 2016
Wressle is expected to start production at rates of around 500 barrels of oil per day later this year, and it would deliver Union Jack Oil important cash-flows.
oil workers
January 23 2017
The Irish oil company has told investors that it is on track to kick off the Druid exploration well in June.
oil barrels and an oil rig
August 18 2016
The oil and gas firm says it is “delighted” after having received its first payment for the gas supplied to the Tanzania Petroleum Development Corporation

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use