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Maxim Resources postpones AGM as due diligence continues for UAE deal

Maxim Resources postpones AGM as due diligence continues for UAE deal

Maxim Resources (CVE:MXM) has postponed an AGM until June 8 so that management has more time to conduct due diligence over a proposed acquisition in the United Arab Emirates.

Through the proposed deal the company can acquire an indirect interest of up to 17.5% in an oil and gas exploration and production concession for an onshore area within the Emirate of Umm Al-Quwain.

The acreage spans almost 750 square kilometres, which represents the majority of Umm Al Quwain. 

It is described as being prospective for oil and gas, and is ‘on-trend’ with significant producing in adjacent Emirates as well as neighbouring Sultanate of Oman.

Details of the deal were first announced in March.

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