Metalduster said: "I don't know exactly how Quasar came into play as the J/V Partner following Heathgate."
From the facts outlined in the dismissed appeal judgement.
1) Alliance and Heathgate entered into the JVA in respect of the Four Mile uranium project on 30 August 2002.
2) Pursuant to clause 6.1 of the JVA Heathgate was appointed as the first manager of the JV.
3) By a deed made on 17 December 2002, Heathgate assigned all its right, title and interest in the JVA to Quasar. Heathgate and Quasar have a close relationship, given that the shareholdings in both Heathgate and Quasar are controlled by Baywood Holdings Inc. Notwithstanding the assignment, Heathgate continues to act as manager of the JV and perform the exploration work on Quasar’s behalf as its delegate.
Metalduster said " Was there any new Agreement or Allowance for any new interpretation to be added to the JVA as in "Sales and Marketing Agent" for example or it may have been a separate Agreement?"
Having read the appeal judgment my understanding is there is no new agreement.
The judgement only refers to one variation to the original JVA agreement dated 29 September 2004.
In this variation, Alliance and Quasar agreed to vary the JVA. Under the JVA, as varied, Quasar was required to spend $450,000 in exploration on the tenement before 30 October 2005. The condition was fulfilled and on 18 October 2005 Alliance transferred 75% of its interest in the tenement to Quasar as prescribed by clause 4.1.
The judgement does not make reference to any other impacts to the original JVA by this variation or under the assignment of Quasar in Dec 2002, but this doesn't necessarily mean there weren't any or their weren't any other variations. My best guess is that the parties have been working under the terms of the original JVA and therein lies much of the problems they are currently having.
These are just all my speculations and opinions, I'm not a lawyer, I have never had any legal training. Do not rely in any way on what I've said. Do your own research. Seek professional advice if you are unsure about any investment decisions and their suitability to your particular circumstances.
Eshmun
AGS Price at posting:
8.8¢ Sentiment: Hold Disclosure: Held
