Ann: MOU to Advance Investment and Funding of Won, page-24

re: Ann: MOU to Advance Investment and Fundin... Not so good.

for 50% of mak,

they are supplying a loan, and offtake at going rates,

is that right?

and then 75% of revenues to pay back the loan.

So, at the end of it, verte, acting as a bank, have now 50% of mak, off ALL its projects, of sandpiper, of every other asset MAK has.

Mak would have been better spining out the wonarah phosphate project into a seperate vehicle, and if thats what verte are loaning funds for, then to that only.

MAK would be better doing a JV where other company owns 50% wonarah on buy in stake of the capex etc.

Sold the farm.

Stinks.