Synthesis Energy Systems Provides Progress Update on Strategic Equity Investment and Collaboration in China
Synthesis Energy Systems, Inc. (NASDAQ: SYMX) today announced that it, China Energy Industry Holding Group Co. and Zhongjixuan Investment Management Company Ltd. have mutually agreed to an extension of the closing period of their share purchase agreement dated March 31, 2011 and amended on August 17, 2011, through March 31, 2012. While the parties have indicated their support for this investment, this extension was necessary in order to allow time for Yima Coal Industry Group Co., Ltd. and its advisors to complete their due diligence and reviews of its proposed investment, including evaluating efficient structures for the proposed transactions.
The parties believe that these steps will allow for optimal structuring and capital funding at the project and regional levels, which will be required for the large scale future investments in China anticipated by the parties.
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