(Alliance News) - Valereum PLC on Friday said it has agreed with the Gibraltar Financial Services Commission to extend the closing date of its planned 80% acquisition of the Gibraltar Stock Exchange.

This is to ensure sufficient handover time to organise the closing process with the GSX, Valereum said, and to comply fully with GFSC requirements.

The soon-to-be 100% owner of GSX also said it agreed a payment of GBP750,00 for the second tranche of the acquisition.

Valereum said it has been financing in both UK and North America. It noted a funding commitment from a fund in North America conditional only on the closing of their new fund. This is anticipated "in the next few weeks", Valereum said.

"We remain committed to the creation of a Stock Exchange which can transform the financial services industry in Gibraltar. We look forward to the final stages to make this a reality," said Valereum Chair Richard Poulden.

Shares in Valereum were quoted at 4.25 pence each on AQSE in London on Friday at midday. They last traded at 4.44 pence each on Friday.

By Greg Rosenvinge, Alliance News reporter

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