Aminex PLC (LON:AEX) told investors that the long stop date in the Ruvuma farm-out transaction has been further extended, and it now has an extra fortnight to close the transaction – with the new date set as July 31.
At the same time, Aminex detailed some additional cost-saving measures including the waiving and surrendering of rights to director share options. There are also proposals, set out a week ago, which will see key employees sacrifice salary in return for share options. The moves aim to reduce the group's overhead and are subject to shareholder approval
Aminex added that it is exercising very tight control over costs. Payments related to the farm-out are expected to fund the company until around May 2021, according to the group's management.
"With these cost reduction initiatives, the expected completion of the farm-out soon, and the continued support of ARA and Eclipse, our cornerstone investor, the company looks forward to its next stage of development," Aminex chief executive Robert Ambrose said in a statement released after the London market close on Tuesday.