No, under the deal CKA fronts the lot and HGO repays them out of BBM proceeds
However when the deal was made, I think Peter had debt funding in mind
It isn’t really equitable for CKA to effectively front them a loan the whole time, then right at the finish line divest 50% of their share and simply tack $12M on HGO’s share of the bill (being 40% of the US$30M Domain put up)
Anyway, you guys seem chuffed with the deal so it doesn’t really matter who owes who what
Ann: Term Sheet Signed for Development of BBM Coking Coal Project, page-187
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