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HEY HAIRY

This was in report dated 9 may 2011 have they not got this money yet?

VAN-MAG
SALE OF VANMAG FINALISED
South African focused coal mining company Continental Coal Limited (ASX: CCC) (“Continental” or “the Company”) is pleased to announce that it has finalised the sale of its shareholding in Vanadium and Magnetite Exploration and Development Co (SA) (Pty) Limited (“Vanmag”).
The sale of its shareholding in Vanmag will result in net proceeds of US$10 million to be received by the Company. As a condition of the sale of its shares in Vanmag, Continental has received irrevocable bank guarantees from the purchasers’ South African bank as security for the obligation of the purchaser to pay the acquisition price. The irrevocable bank guarantees are held by Continental's lawyers in South Africa.
Financial settlement of the sale now only remains subject to consent from the South African Department of Mineral Resources (DMR) for the acquisition and the transfer of the interest which is expected in the next 6-8 weeks.
For and on behalf of the Board Regards
Jason Brewer Executive Director