please excuse watso as he has not looked all that hard, and maybe it has been mentioned elsewhere
the following were the terms of the aquisition by idg
wmt (ie idg) had to make a us$250,000 cash payment
and by the end of dec 2009, had to make another us$1.25m payment
plus the company would have spent some money on the property
basically, from what watso can determine (and only looked at very limited information), wmt (ie idg) have to meet the us$1.25m by the end of december, even if lum do not proceed. lum do not appear to have bought the rights of wmt (idg) in the prospect. from what watso can see, the deal is reasonably fair for all parties. idg, have bigger fish to develop, and it makes sense to develop their main project (which itself seems to be a iamgold "cast off")
LUM Price at posting:
2.3¢ Sentiment: None Disclosure: Held
