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Sale of Golden Eagle Project, page-7

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skyscraper99

1,312 Posts.

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05/01/17

16:16

Post #: 21701645
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Originally posted by Hollizz888 ↑

Hi All,

Just saw the below posted on the VNX investors site.

Vonex Limited (Vonex or the Company) is pleased to inform shareholders that it has executed a binding share sale agreement to sell the Golden Eagle project in Grand Country, Utah (Agreement). The execution of the Agreement follows a lengthy period in which Vonex had been in discussions with multiple parties regarding either a farm-out or sale of the Golden Eagle project. The Agreement with Halcyon Oil & Gas Pty Ltd (Halcyon) enables Vonex to clearly focus on its core business without the requirement to maintain the Golden Eagle project in a foreign jurisdiction.

The key terms of the Agreement are as follows:

 Cash consideration of $100;
 From the date of the Agreement, Halcyon assumes all ongoing expenses and liabilities associated with maintaining the Golden Eagle Project in good standing (est. $125,000 -$140,000 per annum); and
 At settlement, Halcyon will assume all outstanding liabilities associated with Golden Eagle and indemnify Vonex against any current or future claims.

Outstanding liabilities includes costs associated with any environmental restoration at Golden Eagle, as well as any amounts owing to regulatory or governing authorities in the United States. Additionally, Halcyon will assume the pending MIT wells maintenance works which are estimated to cost $160,000-$200,000.

It is anticipated that settlement of the Agreement will occur in the coming weeks.

Thoughts???? (also the cash consideration... is that a typo? or is it really just $100)

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The Ukraine one had to go but not sure about the US ones as they could be worth something

But key personnel are going and those there might not know how to deal with these

Anyway note holder contracts are up soon
Will they have the money to pay them back plus interest

What happened to this money they were getting and what are the details
Is it happening at all

VNX Price at posting: 0.0¢ Sentiment: Hold Disclosure: Held
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