Ann: Trading Halt, page-9

The sole director of the company that signed the non-binding LOI is the previous President of Mernova who has obvious links to current management:


The company used to be a minerals exploration company and there isn't a lot of info available on it. Would be interesting to see if it even has the cash to complete a $12m purchase...

IMO, it should be prohibited to mention non-binding LOI's. They get used by speccies too often to create demand for their shares. I remember another company (I think it was YPB) that signed something like 10 LOI's in one year and not a single one went through. Evenutally it became a case of the boy that cried wolf and everyone just ignored them. Unless it's binding, it shouldn't be announced.