The Foreign Investment Review Board (FIRB) extended the deadline to approve CZR Resources' (ASX:CZR) proposed sale of the Robe Mesa Iron Ore Project in Western Australia to Miracle Iron Resources to Dec. 20, according to a Friday filing with the Australian bourse.
In January, CZR Resources agreed to sell its unit, Zanthus Resources, which holds an 85% stake in the project, to Miracle Iron Resources for AU$102 million. Approval from the FIRB is a prerequisite to completing the transaction.
In conjunction with the delay, the companies agreed to remove exclusivity conditions under the agreement, allowing CZR Resources to explore alternative offers from other potential buyers of the project, the filing said.
CZR Resources' shares rose past 7% in recent Monday trade.
Price (AUD): $0.23, Change: $+0.02, Percent Change: +7.14%
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