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Imdex Announces Six Month Extension to Exclusive Flexidrill Option Agreement

14 Sep 2018  |  12:48:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Six Month Extension to Exclusive Flexidrill Option Agreement

Imdex announced that it has extended its option exercise period to acquire NZ based companies Flexidrill and Flexidrill Construction and its patent protected technologies - the COREVIBE and MAGHAMMER. The Company updated that the extension was based on their ability to undertake controlled and externally verified testing at a site in NZ. As reported, the Company entered into an option and technology development agreement to acquire Flexidrill on 18 January 2018. The Company further updated that along with Flexidrill, they have extended the option exercise period and secondary option payment date for six months, from September 2018 to March 2019 whereas the secondary option period has been extended for three months, from September 2019 to December 2019.

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