Shares of Mast Energy Developments PLC (LSE:MAST) surged by 33% following the announcement that its board has received assurances from Proventure and its funders regarding the payment of an initial £2 million to the joint venture.
This payment, expected between December 15 and 20, is contingent upon the signing of definitive agreements. Consequently, MED has extended the deadline for Proventure to meet its obligations under the joint venture agreement.
In early trading, Mast stock was up 0.18p at 0.7p.