The completion date for the First Stage has now been extended to 29November 2024.- The payment of the consideration for the First Stage has now been revised asfollows:- on 18 October 2024, Pilot will pay to Triangle the amount of $400,000 as anon-refundable down payment for the Arrowsmith Assets and $2,000,000(plus interest at 15% from 1 August 2024 to 18 October 2024) asreimbursement of the past operating costs of the CHJV;- on 29 November 2024, Pilot will pay to Triangle the amounts of $1,600,000(plus interest calculated at 15% from 1 August 2024 to 29 November 2024and $2,500,000 in respect of the transfer of the Arrowsmith Assets.If the payments due on 29 November 2024 are not paid on or before that date,Pilot will be deemed to have elected to extend the due date by a period of onemonth and on (or before) 20 December 2024
Pilot must pay to Triangle thePilot Energy LimitedABN 86 115 229 984Suite 301, 35 Spring Street, Bondi Junction,NSW 2022E: [email protected] of $2,000,000 (plus interest calculated as above in respect of theamount of $1,600,000) and 3,000,000, in full and final settlement of theArrowsmith Assets.On payment of the amounts due to Triangle on 18 October 2024, Pilot will assumeresponsibility for 100% of the running costs of the CHJV from that date and shall beentitled to appoint an additional director to the Board of Triangle Energy (Operations )Limited (TEO) – the operator of the CHJV – thereby giving Pilot control of the Board ofTEO.
Looks like that would wipe out working capital; already have till the 20th of December
PGY Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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