Archer has already received $250,000 and will receive the remaining $2.0 million at completion.
Furthermore, the deadline for the achievement of certain pre-conditions prior to completion has been extended from 31 December 2019 to 30 June 2020.
The differences between the original and amended agreement are summarised in the table below.
$0.25 million for extending the cut-off date
Archer’s chairman Greg English said: “The amended agreement is a great outcome for Archer as it increases the purchase price and time period for the bonus.
Under the original agreement, the buyer was able to extend the cut-off date to 30 June 2020 by paying Archer $500,000 and this amount deducted from the final purchase price.
“We believe that we have achieved a great outcome for Archer shareholders by agreeing to extend the cut-off date to 30 June 2020 and receiving an additional $250,000 for doing so.”