The cash-strapped Coloradoan explorer said it would be paid around $18 million in cash and the remainder in Central shares, gaining the company a directorship seat on the Australian explorer’s board.
Chief executive Thomas Wilson said the deal would give the Nasdaq-listed company “a stronger balance sheet and a more focused portfolio of assets”.
Wilson said the proceeds would go to its share of drilling an exploration well in the UK as well as on maintaining a significant cash balance in an effort to return operating cash flow to break-in levels.
He
