Clarify?? It's all there in the company announcements ... you just have to read them.
Carabella Resources Limited (“Carabella or CLR”) is pleased to announce that it has signed a binding term sheet to acquire rights to a critical additional sub-block for its Bluff tenement (EPC 2121). CLER3158A ("Sub-block") is held by Mr Christopher Wallin within EPC729 and is located directly adjacent to the eastern boundaries of Bluff where significant coal occurrence has been found.
Under the agreement, Carabella will issue Mr Wallin 10 million options at an exercise price of $0.50 for the right to undertake due diligence including a drilling program .on the sub-block to confirm its potential. Subject to the satisfactory completion of due diligence, Carabella will pay Mr Wallin A$9.4m in CLR shares over time for the Sub-block, subject to the achievement of several key milestones.
The terms of the transaction are in my post above.
CLR Price at posting:
44.0¢ Sentiment: None Disclosure: Held
