australis debt

And here is the clarification of the situation in regard to the debt due to ADY by Australis as shown in the last Qtly Cash Report ($200,000 for that quarter), which reflects the true cash flow situation and not one contrived by those with an axe to grind:

'Royalty stream from SCM Vallenar Iron Company (“VIC”)
During the quarter, VIC, under the control of Australis Mining Ltd (“Australis”), progressed their operations towards expected initial production of 800,000 tonnes. Australis have advised they are currently finalising finance arrangements to raise up to US$70 million to develop the Harper North project.
Australis was due to make a payment of US$1 million to Admiralty by 16 March 2012 as part of the Purchaser Assumed Debt contemplated in the Share Sale Agreement entered into between Australis and Admiralty on 1 September 2010 and completed on 16 November 2010, however Australis did not make this payment.
Admiralty and Australis agreed to a deferred payment plan in respect of the US$1 million in 8 instalments with 7 monthly instalments of US$100,000 and a final instalment of US$300,000 which will be due on 16 October 2012. The first three instalments of US$100,000 have been received, however the June and July instalments of US$100,000 have not yet been received. Australis have advised all outstanding funds will be provided upon the drawdown of their funding arrangements which it expects to receive imminently.
Pursuant to its agreement with Australis, Admiralty is entitled to receive a further US$1,700,000 relating to the up-front consideration for the sale of VIC.'

But let's hope that the we can take Australis' use of the word 'imminent' in its true meaning, so ADY can continue to progress unimpeded with unwanted distractions.