Curzon Energy Begins Potential Reverse Takeover Talks with Technology Metals Market

By Joe Hoppe

Curzon Energy PLC said Wednesday it has entered discussions with Technology Metals Market Ltd. that could lead to a reverse takeover.
The energy company said it and Technology Metals have entered a letter of intent, beginning an 18-day period of exclusivity during which each party will begin to conduct due diligence on the other, working toward a definitive purchase agreement.

In return for the exclusivity period, Technology Metals will provide a working capital line-of-credit of up to 750,000 pounds ($931,800) to Curzon in the form of a one-year loan note, carrying an annual interest rate of 10% a year and convertible at the price of any share issue alongside the potential reverse takeover.
As Curzon can’t currently provide full disclosure on the potential transaction, the temporary suspension of its listing will continue until more progress on terms are made.
The company separately said it has informed Poseidon Enhanced Technologies Ltd. of the formal termination of a letter of intent to carry out a reverse takeover, first disclosed Feb. 3, 2021. As the period of exclusivity with Poseidon has expired, no further obligations remain among the parties, though Poseidon remains a significant and supportive creditor given financial assistance it provided, Curzon said.
Write to Joe Hoppe at joseph.hoppe@wsj.com