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Phillips River Mining Ltd Announces Extension Of End Date For Acquisition Of Afranex Gold Ltd


Friday, 28 Jun 2013 05:08am EDT 

Phillips River Mining Ltd announced that with reference to the announcement made earlier, regarding the entry into a conditional merger implementation agreement to acquire all of the issued shares in Afranex Gold Ltd (Afranex) (Agreement). The date for the satisfaction of the various conditions in the Agreement was June 30, 2013. PRH now announced that, due to the challenging market conditions, PRH and Afranex (together with the other parties to the Agreement) have on June 28, 2013 conditionally agreed to extend the end date of the Agreement to 31 January 2014. This change has been made to enable the parties to have sufficient time in the current market to satisfy the various conditions precedent to the Agreement summarised in the announcement on March 27, 2013, most notably the requirement for PRH to raise a minimum of $4,000,000 at $0.20 per share. PRH, Afranex and the other parties to the Agreement have conditionally agreed to extend the end date for satisfaction of the conditions precedent from June 30, 2013 to January 31, 2014. PRH and Afranex have agreed, as part of this change to extend the date for the satisfaction of the due diligence condition from its original date of April 22, 2013 to January 31, 2014. The only condition to the extension is a condition subsequent that Afranex negotiate extensions of the various Project Agreements (summarised in the announced on March 27, 2013) to January 31, 2014 by July 31, 2013. 

Company Quote

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14 May 2013