Strongbow Exploration Inc. said Dec. 13 that the requirement for its listing on the LSE's AIM segment has been extended to June 20, 2019, from Dec. 31, 2018.
The requirement is related to an amended share purchase agreement with Galena Special Situations Master Fund Ltd. and Tin Shield Production Inc. over financing Strongbow's South Crofty tin project in the U.K.
In March 2016, Strongbow entered into a deal with the two parties, granting it the right to fully acquire the South Crofty and associated mineral rights in Cornwall, U.K., by acquiring Western United Mines Ltd. and Cornish Minerals Ltd. (Bermuda)
Two years later, the companies amended the agreement to exempt Strongbow from certain share and cash payments, provided that the company's shares are listed on AIM before the end of 2018, in exchange for a payment of US$6 million upon completion of the listing and a payment of US$6 million within 5 days of the company securing project financing to build the South Crofty mine.
Under the new amended terms of the agreement, Strongbow is required to pay US$3 million in cash and US$1.5 million in shares immediately upon completion of the listing, while the further US$6 million payment, in either cash or shares, within five days of the company securing project financing, remains the same.
CEO Richard Williams said that the company expects to complete the listing process in the first half of 2019.
The company was previously aiming for a London listing in June.