The ASX listed gold developer Theta Gold Mines Limited (ASX:TGM, OTCQB:TGMGF) informed about the extension in the expiry of the escrow period. The escrow period which was expiring on 31 December 2020, has been extended by nine months to expire on 30 September 2021.
The Company informed that 53,333,334 shares were subjected to escrow. The shareholders have given their nod for the extension of the expiry period.
In consideration for agreeing to the extension, Theta Gold to issue 5,000,000 unlisted Options @ A$0.50 to be exercised before 30 June 2022. There will be no participation rights or entitlements inherent for the Options issued. The detailed terms and conditions of the Options can be availed from Annexure A of the ASX update 16 December 2020.
The Company, in its previous update, shared the development plan of its underground mines. Theta Gold has set a target of 160,000oz of gold production annually from its Eastern Transvaal Gold Fields in South Africa.
The stocks of the Company were trading at A$0.325 at 11:45 AEDT with a market cap of A$149.54 million as on 16 December 2020.