Norfolk Metals announces that the exclusivity period under the Exclusivity Deed has lapsed. Norfolk Metals has withdrawn its conditional, non-binding and incomplete offer in respect of the Proposed Transaction.
Norfolk Metals was unable to complete the necessary due diligence and conclude negotiations of acceptable terms in respect of the potential transaction during the agreed exclusivity period (as extended). Given the scale of the Los Altares project and the Proposed Transaction, undertaking and completing satisfactory due diligence and maintaining acceptable terms and risk levels were considered vital by Norfolk Metals and, ultimately, the board of directors resolved that proceeding with the Proposed Transaction was not in the best interests of its shareholders.
Norfolk Metals will continue to evaluate opportunities in line with its announced strategy of seeking value accretive, inorganic growth opportunities in the normal course of business.
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