Not exactly. There is an agreement between Troy Resources Guyana and the Government of Guyana where under certain conditions both parties have the right to cancel the contract. GoG might be entitled to do so. Keep in mind the tenements do not belong to TRGI but to companies in the British Virgin Islands and cannot be cancelled. The mining license is cancelled. TRGI owes the GoG ca. A$18m in royalties. There are also many assets left on site. TRGI may offer these assets at "fair value" to the GoG. If they refuse to buy, Troy has 1 or 2 months time ,not sure, can read it in the contract if necessary, to sell to anybody else. Whatever is left after that time frame goes to the GoG for free. The GoG taking everything on site without adhering to the process agreed on in the contract / mining license might lead to litigation later on, who knows?
TRY Price at posting:
3.0¢ Sentiment: None Disclosure: Held
