ann re signing on aim, page-11

This announcement is only a MOU - memorandum of understanding and is not a formal sale document. As I understand it, the formal sale agreement is still subject to ratification by shareholders at a meeting next month. Subsequent to that meeting's approval - and I think that is a forgone conclusion! - then a formal sale document can be made. After that, the money will flow. It is a little complicated - AUD$240 million (inclusive of the AUD$10 million deposit) or 60% at Settlement (to take place fifty (50) days after the date of the formal Sale Agreement), AUD$80 million or 20% forty five (45) days after Settlement and AUD$80 million or 20% on the grant of a mining lease and related construction approvals.The $240m less the $10m deposit will only be paid after next month's meeting and a formal sale document signed. Then $80m will be paid 45 days after the $240m is paid. The remaining $80m will be paid sometime when all approvals for mining and construction are received. So, the Company should have $230m in late September with $80m in October. The rest, who knows when!
There is the possibility that the Company's plans will be revealed at the shareholder's meeting next month."The Board is investigating additional tenements and projects that
could be targeted by the Company to increase its holdings both in Australia and overseas.The Company is finalising the application of the sale proceeds and details will be set out in the shareholder notice of meeting."