Ann: Update - Proposed issue of securities - CNJ, page-16

He would be talking about this, its in the quarterly.

They could be holding out for this, but what if they lose then any money raised would go straight to this and it would be all over much quicker.
It is just preliminary hearing anyway. There's a lot more Solomon lawyers' fees to suck from this one still.

this Debacle was hilarious at the time. Thy could have made a movie out of the fight scene on the boat.

During the quarter, the dispute has continued through the arbitration process in
Newfoundland, Canada. Longland has counterclaimed in the arbitration for
damages being the anticipated amount required to be paid for future drilling in
Greenland which should have been done during the 2022 drilling season. Longland
and Conico have applied to have Cartwright’s claim dismissed at a hearing of
preliminary issues to be heard on 17 June 2024.

Background

The directors advised in the December 2022 quarter that Cartwright Drilling Inc
(“Cartwright”), a drilling company incorporated in Newfoundland (Canada) that
had been engaged to undertake diamond drilling at the Ryberg and Mestersvig
Projects over the 2022 Greenland field season, had commenced an arbitration
process in Newfoundland to resolve a dispute in respect to invoices received by
Conico from Cartwright for the 2022 field season, which Conico has refused to pay.
It is the opinion of the board that the performance of Cartwright was materially
deficient in a number of key areas and not up to industry best practice and has
caused loss to Conico through scheduled drilling not having been completed. The
total amount of the invoices in dispute is C$1,419,203 (approximately A$1,575,315).
Cartwright currently hold a bond of C$300,000 on behalf of Conico. In the arbitration,
Conico will also seek to recover substantial damages from Cartwright.
The directors of Conico will keep the market informed of any further developments
as they come to hand with regard to the dispute with Cartwright.