Shares in Capricorn Metals (ASX:CMM) fell 8.59% to $13.57 on Feb. 2 following an announcement by Tempest Minerals (ASX:TEM) that the completion of the Yalgoo Project sale has been extended to Feb. 14.
The extension is reportedly required to finalise administrative documentation, though the company confirmed that the commercial terms of the $4.5 million deal remain unchanged.
The Yalgoo Project, located contiguous to Capricorn’s Mt Gibson Gold Project, is a strategic acquisition intended to expand the company’s regional exploration footprint.
Under the agreement, Capricorn will acquire full rights to all minerals other than iron ore on the tenements, paying $500,000 in cash and $4 million in scrip.
Despite the temporary setback in timing, the board remains committed to the transaction, which includes future milestone payments based on JORC resource estimates and commercial mining decisions.