Ann: Paterson Exploration Project - IGO JV Update, page-6

Before and if they sell anything they need to fix the key note clause.
Lets say worse case scenario MLX goes pear shape. MLX then goes into administration whether it be voluntary or bought about by the creditors.Administrator now has full control of MLX. Administrator ways up all options, including assessing all existing loans together with their binding contracts and obligations. ie: (securitiy, guarantees, etc.). If MLX cannot be bought out of administration as a “Going Concern” then the administrators role enacts the next stage to liquidate the company.That’s were Key Notes Loan Facility clause 2. and the way it is worded kicks in. Lender gets all net profits from sale of assets. All other shareholders get zero.I will make noise in regards to this matter because it was the role of all the MLX’s directors, solicitor and the CFO except Brett Smith as he could not vote on the Loan Facility due to pecuniary interests to address this.