Maxim Resources has signed an extension agreement to acquire stake in Quest Investments from Quest Oil & Gas Ventures.
Specifically, as disclosed in its press release dated June 2, 2015, Maxim entered into a share purchase agreement (the "SPA") with QI pursuant to which QI will become a control person (as defined under the rules of the TSX V listing rules) in Maxim. In addition, pursuant to the terms of the SPA, Maxim will acquire up to a 50% equity interest in Quest which will provide Maxim with a minimum of 13.125% indirect equity ownership interest in an oil and gas concession covering an onshore area of 747km2within the Emirate of Umm Al-Quwain in the United Arab Emirates.
In order to accommodate certain procedural requirements for the proposed admission of Maxim to the London AIM exchange, Quest and Maxim have agreed to extend the 1st closing under the SPA to a date not later than August 17th 2015. As consideration for the entering into the extension agreement, Maxim has provided Quest with a US$100,000 non-refundable deposit.
Mr. Andrew Male the Company’s CEO stated, "Maxim is very pleased with the progress we have made in securing the finance to fund the acquisition and Admission to the AIM market. We would also like to thank Quest for the extension that has been granted in order to accommodate this."