ARH 0.00% 0.5¢ australasian resources limited

working capital loan, page-7

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    (g) Releases
    Mineralogy, International Minerals and Australasian have entered into a deed of
    assignment and release whereby Mineralogy has agreed to assign to
    Australasian debts owed by International Minerals to Mineralogy (an amount not
    exceeding $10.5 million) and releases International Minerals from all other
    claims which Mineralogy has or may have against International Minerals. For
    the purposes of clarity the effect of this assignment is that there is no liability to
    Mineralogy in respect of these debts.
    Mineralogy further warrants pursuant to the deed of assignment and release that
    it has paid or procured the discharge of all debts and liabilities owing by
    International Minerals to any person other than Mineralogy.
    AMHK, Fremery Resources Limited and PNK International Limited (parties
    associated with AMHK) ("Fremery Parties") entered into a deed of release with
    Mineralogy and International Minerals ("Mineralogy Parties"). Under this deed
    the parties agree to terminate all agreements between the Fremery Parties and
    the Mineralogy Parties and that, apart from as provided in the deed, no
    Mineralogy Party has any obligation or liability to any Fremery Party.
 
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