Galileo Resources PLC (AIM:GLR) said it has amended the terms of its deal to divest its Glenover assets to Afrimat, with full completion of the deal now expected in April next year (2024).
In a statement, Galileo said: “In summary, the amended terms remove the requirement for the previous suspensive conditions to be met before the first two tranches of consideration are paid."
A revised timetable for the receipt of such amounts is now in place as well as amending the second tranche to be paid in cash, the junior added.
Colin Bird, chairman and chief executive, commented: "We are very pleased with the amended agreement regarding phase 2 of the Glenover/Afrimat transaction.
“Afrimat is a very proactive and progressive company and we are pleased to become shareholders in that entity, and of course, look forward to the final cash payment in April 2024, which will conclude the transaction in its entirety."