Cardero Resource Corp. (TSX:CDU,NYSE:CDY,FWB:CR5) has extended the option period for the acquisition of four coal licenses, which will last for a period of up to three calendar months. These licenses form part of the Carbon Creek Metallurgical Coal Project.
As quoted in the press release:
On January 14, 2013, the Company entered into an agreement with the optionor of four coal licenses forming part of the Carbon Creek Metallurgical Coal Project to extend the exercise deadline of the option for a period of up to three months.
Cardero Resource Corp. President and CEO, Michael Hunter said:
Renegotiation of the option terms allows the Company to postpone full payment for the coal licenses while we finalize terms and subsequently close the Sprott loan facility, originally announced in October 2012. The loan facility is tied to the equity financings, which Cardero closed on December 31, and closing of the debt facility is expected in the coming weeks. When we complete the acquisition of the coal licenses, Cardero will have a 100% working interest in this excellent asset.
Get Our Expert Guide to Coal Investing FREE!Download this FREE Special Report, Coal Price Forecast 2015 Types of Coal, Coal Prices and Coal Stocks