Well, that clears that up, not. Clear as mud. Strange way to do business. Should be some penalty attached to these deals when they are held back as it's draining CTO's resources while KIG goes about looking after their own interests first.
"12. Given the Subsequent Announcements, what reasons were provided by KIG for the delay in
settling their funding obligations under the Agreement?
During the course of the meetings and communications referred to in paragraph 10, KIG
informed the Company that KIG needed further time to implement the proposed Joint
Venture on the basis that KIG had other projects that required the commitment of KIG’s
personnel and resources.
At the time of entering into the amendments to the Agreement, the Company formed a view
that the extension of funding was in the interests of the Company because, among other
things, KIG made concessions which permitted the Company to engage in discussions with
third parties for a superior deal.
We trust that the above addresses ASX’s questions.
Sincerely,
Mark Lynch
Executive Chairman
Citigold Corporation Limited
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