Cardero Resource Corp. (TSX:CDU) announced that it has extended its deadline to exercise the option to acquire shares of a private company. The private company holds four licenses that form part of the Carbon Creek Metallurgical Coal Project.
As quoted in the press release:
On April 12, 2013, the Company entered into an agreement with the holder of the Shares to extend the exercise deadline of the Option from April 14, 2013 until April 22, 2013. Previously, the Company was required to exercise the Option on or before April 14, 2013 by paying the holder of the Shares CAD 4,000,000 and issuing 400,000 common shares. Under the new terms, Cardero has paid a non-refundable deposit of CAD 1,000,000 on April 12, 2013, with the CAD 3,000,000 balance and 400,000 shares due upon exercise of the Option.