Avocet agrees to defer completion of Resolute sale
Source - SMW
Avocet said completion of the sale of Resolute (West Africa) Limited to the Balaji Group, which was announced on 18 Dec, had been deferred to 25 Jan.
Avocet said the Balaji Group had entered into discussions with International Royalty Corporation, a creditor of Resolute, under a threat of insolvency of Resolute.
It said against this background, Balaji had requested the deferral of completion of the sale to 25 Jan to be able to finalise a settlement of IRC's claim.
Avocet said this request had been granted and the deposit of $500,000 referred to in the announcement of 18 Dec, had now been paid to the company.
At 9:22am: (LON:AVM) Avocet Mining PLC share price was -0.25p at 17.8p