Continental didnt own it in 2007. Infact did they ever own it??????????
10.1 Settlement Agreement amongst Continental Capital Limited, Pinnacle Resources, Inc. and Golden Falls Trading 565 (Proprietary) Limited dated May 18, 2009 In May 2009, Pinnacle Resources, Inc. settled its $3.750 million note receivable arising from the sale of Vanadium and Magnetite Exploration and Development CO (SA) (Proprietary) Limited. In addition to $1,000,000 cash received on June 2, 2009, Pinnacle Resources, Inc. has a possible royalty on mining concessions owned by the former subsidiary. This royalty is USD$.50 per ton of certain possible future production, limited to an aggregate of $3.0 million. It is uncertain whether Pinnacle Resources, Inc. will realize any amounts from this royalty and therefore, will record any amounts received, if any as income upon receipt. Pinnacle Resources, Inc. recorded a loss of $2.750 million on this settlement.
CCC Price at posting:
14.5¢ Sentiment: None Disclosure: Held