On 1 October 2008 the Company announced the agreement for revised terms of the debt due to Hawkswood Investments Pty Ltd (In Receivership) (In Liquidation).
On 31 October 2008 the Company announced that it expected that the proceeds of the sale of Rincon Lithium Limited would enable the Company to clear its debt, including the debt due to Hawkswood Investments Pty Ltd.
As the sale of the shares in Rincon Lithium Limited to Charge Resources Pty Ltd has not proceeded, as announced earlier today, the Company has not been in a position to repay the debt referred to in the announcement dated 31 October 2008.
No change to the terms of the debt due to Hawkswood Investments Pty Ltd have been made. The Receivers of Hawkswood Investments Pty Ltd have been kept informed as to developments in relation to the sale and have continued to show forebearance in relation the debt due by the Company.
ADY Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
