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
READ: Aminex set to complete pivotal farm-out
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.