An inability to raise required financing has placed Nebex Resources (NBT-T) in breach of a definitive agreement to acquire the Munelle base metal concession in Albania.
The Calgary-based junior was unable to make the final payment of US$300,000 under the terms of its US$2.5-million purchase agreement with Albaker Corp. of Albania. It also has outstanding obligations of about $1 million in accounts payable and $1.9 million in bridge loans.
Nebex has advised the Albanian government of its inability to make the payment and is requesting a meeting in order to ask for an extension. However, the company says no assurance can be given that Albanian authorities will grant any concessions or waivers under the agreement.
Nebex also announced the resignation of directors Brian Douglas and Klaus Zahnd, and reported that certain past and current directors and officers were named in a recent lawsuit. Nebex describes the claim as “without merit.”
In light of these developments, the Toronto Stock Exchange is reviewing the company with respect to the requirements for continued listing.
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