Curzon Energy PLC (LON:CZN) has been a seeking new opportunity, since a debt transaction in February triggered a restructuring.

In mid-March, the company announced the signing of a letter of intent (LOI) which envisages the 100% acquisition of the London Critical Metals Market (LCMM).

The LOI with Sun Seven Stars Investment Group (SSSIG) has established a period of exclusivity lasting until 30 June, allowing a period of due diligence and potentially progression through to a definitive purchase agreement.

The LCMM aims to be the “first unified global metals trading exchange for critical metals that have few or no direct investment or trading options elsewhere in the world,” the company said.

“The board is enthusiastic about the opportunity presented by a potential combination with London Critical Metals Market, a new metals trading platform,” said Scott Kaintz, Curzon chief executive.

“If the combination goes ahead, it would see Curzon participating in the growth of a critical metals trading platform including global settlement and supply chain financing, transforming the future prospects of the Company for the benefit of shareholders.”

In early June, the company raised £166,066 by placing shares at 1p each to help to advance and complete negotiations with SSSIG.

Curzon also said in July that the period of exclusivity between itself and SSSIG has been extended from its original end date of June 30, 2020, although formal terms covering the extension of the exclusivity period and the nature of additional financial support to be provided by SSSIG to the company have yet to be finalised.