Curzon Energy PLC Termination of Discussions -- Execution of LOI (7846N)
February 03 2021 - 1:00AM
UK Regulatory
TIDMCZN
RNS Number : 7846N
Curzon Energy PLC
03 February 2021
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
03 February 2021
Curzon Energy Plc
("Curzon" or the "Company")
Termination of Transaction Discussions - Execution of LOI
Curzon Energy Plc (LON:CZN), the London Stock Exchange listed
oil and gas company, announces it has informed Sun Seven Stars
Investment Group ("SSSIG") of the formal termination of the Letter
of Intent, first announced on 18 March 2020. As the period of
exclusivity with SSSIG had already expired, no further obligations
remain among the parties.
The Company further announces the execution of a Letter of
Intent ("LOI") with Poseidon Enhanced Technologies Limited ("PET").
The Company will now enter an initial period of exclusivity with
PET during which each party will conduct due diligence on the
other. The parties have agreed that during this period they will
work towards the execution and delivery of a definitive purchase
agreement, contemplating a reverse takeover of Curzon by PET
("RTO"), which will be conditional upon receipt of the required
regulatory approvals from the FCA and its primary market functions,
among other matters.
For providing PET with an initial period of exclusivity, lasting
through to 28 February 2021, PET will lend the Company an initial
amount of GBP65,000 in the form of a one-year loan Note (the
"Note"), carrying an annual interest rate of 10% per annum, and
convertible at the price of any subsequent share issue alongside
the contemplated RTO transaction. Under the terms of the Note, a
total of GBP500,000 is authorised to be made available to the
Company through mutually agreed drawdowns. Any additional
drawdowns, including in relation to potential ongoing exclusivity,
will be deducted from this total authorised amount as they are
made.
After 1 March 2021, further loan funds may be made available by
PET to the Company if the envisaged transaction continues to
progress, or in order to extend the initial period of exclusivity
beyond 28 February 2021.
A potential transaction, if completed, would constitute a
reverse takeover under the Listing Rules. As the Company is
currently unable to provide full disclosure on the potential
transaction, it has requested to retain a temporary suspension of
listing in its ordinary shares, pending further progress on
agreeing terms on the potential transaction.
The Company will continue to update the market on progress as
appropriate.
About Poseidon Enhanced Technologies
Poseidon aims to provide the lowest-cost solution for the food
and beverage industry to achieve its goal of reducing the use of
virgin PET* and single-use plastics. Poseidon's mission is to
convert waste PET into 100% recycled feedstock for the global
food-grade PET packaging and fibre industries, utilising its
patented environmentally-friendly chemical recycling process.
Poseidon's proprietary chemical recycling technology is designed
to process all 'waste' PET plastic, including previously
unrecyclable plastics such as coloured bottles, trays, fibre and
films, converting them directly into Poseidon rBHET(TM), an interim
feedstock for the global PET industry, thereby completing a
Circular Economy. Poseidon is currently developing its recycling
technology at its facilities at Teesside, UK and is planning an
industrial scale roll-out which is expected to be facilitated by
the listing process and an associated capital raise.
* Virgin Polyethylene terephthalate produced from crude oil
For further information please
contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Broker
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