Dolphin Cove Limited (DCOVE) has advised that effective March 3, 2020, a subsidiary, Dolphin Cove (Negril) Limited, granted to Reserve Investments Limited an option, for one year, renewable for a further period of one year, to purchase on terms the property on which the Marine Park at Lucea is located for the purpose of constructing a hotel thereon. The option money is US$100,000 and a further sum of US$100,000 will be payable if the option period is extended for a further year.
Dolphin Cove Limited states that the Company has retained the right to continue to operate its Marine Park in the hotel and would be adequately compensated should the park at Lucea need to be closed for any reason and period during construction, in the event the option is exercised.
DCOVE added that the market will be kept abreast of any additional developments.
