The Hebei Steel agreement states:Richmond has agreed not to...

The Hebei Steel agreement states:

Richmond has agreed not to issue any further securities during the ?Exclusivity Period?. The Exclusivity Period shall expire on 31 August 2011, when signed loan documentation shall be in place, subject to earlier milestones also being met.

As they are issuing shares, one can assume milestones havent been met, ie the initial funding of $2.5 million and $9 million.

The quarterly says:
Richmond continues to work closely with HBIS but the initial exlusivity period that was granted to HBIS persuant to the agreement has now passed.