transparency is the key

28th November 2012
Company has signed a binding Heads of Agreement.BBR to acquire 100% of the issued capital of Plumbago Mining Pty Ltd which holds a 75% shareholding in Plumbago Lanka.

8th January 2013
Company has successfully completed its due diligence,
as previously announced to the ASX on 28th November 2012.
Company has today signed a Share Sale Agreement with the Vendor to acquire a 100% interest in Plumbago Mining Pty Ltd, which holds a 75% interest in the graphite tenements.


In my opinion, a binding heads of agreement means the company is commited to buy, yet today's announcement states due diligence is completed.
I could not find the wording due diligence in the 28th November 2012 news release.
I am surprised that a binding heads of agreement to buy is signed before due diligence is done.

Lastly, how is the ASX listing rule 11 coming along?

I like the story but it sure is confusing.