Good one Ed. I did not pick up on that. This could effectively bankrupt CMSB and as ADY is the only creditor all assets will go to them including all the mining tenements. Gee that will make Wyndham happy. Serves them right. They have been nothing but bludgers throughout the whole project.
"Under the Admiralty/CMSB joint venture agreement CMSB is required to repay to Admiralty the 4 year cumulative debt, currently US$38.99m outstanding in February 2009, otherwise all the assets go to Admiralty under a security charge arrangement."
ADY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
