Would someone like to explain this to me please?
"The nominal face value of these foregone 2011 royalty payments has been discounted to the $465,000
investment amount, with ensuing royalties of $3.50 per tonne of ore processed, to a $5.725 million
maximum (inclusive of foregone royalties)."
Are Intec saying that in consideration of receiving the nominated shares, they have forgone royalties on $5.725m worth of ore which they expect to process up to the end of 2011.
If that is correct, BSM will have a tidy little earner for the balance of this year and that would attract interest from investors once they can understand what is being said.
Or have I totally missed the plot?
log jam, page-10
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