ann: abu to divest exploartion tenement, page-9

C'mon, stop the negativity. We have 33000sq/klm of prospects, this won't be the last divestment i am sure. this is very positive outcome for shareholders. Who cares if ME is chairman of both entities. Key points.

Initial option details:
• $250,000 option fee (paid to ABM).
• Exclusive option / due-diligence period of 30 days. As consideration for this acquisition, ABM will receive:
• payment of an exercise fee of $150,000 and an acquisition fee of $200,000 in cash (for total cash of $600,000 including the option fee paid).
• 125 million1 fully paid shares in the capital of Clancy2; which equals (post capital raising) 27.4%3 of Clancy;
• 175 million1 options to acquire fully paid shares in the capital of Clancy, exercisable in three tranches within three years at a price 50% above the Clancy capital raising.
• Clancy’s shareholding in Genesis Resources Limited (ASX: GES) being 8.157M shares (~5.4% of GES) or an agreed cash equivalent;