Bloody awesome news....
Conversion of Debt to Royalty
Recently the Company was approached for its consent to the assignment of the remaining
Platinum Loans totaling USD9.26 million to Alpine, an investment company incorporated in
the British Virgin Islands. Cokal has agreed to the assignment on the following terms:
• each of the Subsequent Conditions is irrevocably satisfied or otherwise waived;
• the royalty payable to Alpine under the Royalty Deed will be the greater of:
a. USD 10,000 per month; and
b. USD 2.00 per tonne of coal sold by BBM and TBAR on a monthly basis;
• the maximum royalty payment of USD 40million payable under the Royalty Deed
remains the same and will be payable through the first 20 million tonnes of coal
produced and sold by both BBM and TBAR; and
• all other conditions stated in the Royalty Deed shall remain the same.
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- Ann: Conversion of Balance of Platinum Debt to Royalty
Ann: Conversion of Balance of Platinum Debt to Royalty, page-3
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