Perhaps the ASX can read and understand English and have read the conditions in the ANS announcement regarding the placement in SDL
Quite a long list to be resolved before it is a done deal, and maybe the ASX have the same view and will want to see things happening before allowing trading again.
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Conditions to Second Placement Completion
Completion of the Second Placement (“Second Placement Completion” is subject to the following conditions: Any Noteholder that is not party to the Sundance Agreement agreeing to cancel its Convertible Notes and the other transactions involving the Noteholders as contemplated under the Sundance Agreement on the terms contemplated by the Sundance Agreement
In relation to AustSino’s investment in Sundance and the issue of shares by AustSino to fund the Completion Payment:
- approval by AustSino’s shareholders as required for the purposes of the ASX Listing Rules and Corporations Act 2001 (Cth) (“Corporations Act”;
- approval of any relevant legal or regulatory bodies or by any subscriber in connection with AustSino’s placement of shares to fund its subscription for the Second Placement; and
- an independent expert confirming that the relevant transactions are fair and reasonable, or not fair but reasonable, for AustSino’s shareholders
Completion of AustSino’s placement of shares to fund its subscription for the Second Placement
Extension of the time period for satisfying the conditions precedent under the Cameroon (Mbalam) Convention until at least 14 September 2020 or the entering into of a new Convention on substantially similar terms with such a minimum time period
AustSino and Sundance continuing to take reasonable steps to discuss and advance the development of the Sundance Project on an exclusive basis (subject to Sundance’s existing arrangements with Tidfore Heavy Equipment Group Co. Ltd relating to the Project) until 31 December 2018
AustSino and Sundance taking all reasonable steps to discuss and advance the Sundance Project with the Governments of the Republics of Cameroon and Congo, subject to Second Placement Completion
AustSino being satisfied that the Governments of the Republics of Cameroon and Congo are working towards signing a bilateral treaty by 31 December 2019 in support of the development of the Sundance Project
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In relation to the investment in Sundance and the issue of securities by Sundance:
- approval of Sundance’s shareholders as required for the purposes of the ASX Listing Rules and the Corporations Act; and
- an independent expert confirming that the relevant transactions are fair and reasonable, or not fair but reasonable, for Sundance’s shareholders
Sundance and AustSino not being insolvent at or prior to Second Placement Completion
The parties entering into definitive agreements
The parties must satisfy or waive these conditions on or before 31 December 2018 or as otherwise agreed.
SDL Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held