Persons near the GoG already announced they would try to sue Troy in Australia.
Now sure why, there is no chance as the agreements and mining license are between TRGI and GoG. Everyone can look it up, the mineral agreement is freely available online from the finance ministry of Guyana.
Defaults and remedies, pp. 39. According to 16.2 TRGI (company 2) is in default since the appointment of the administrator. 16.3 GoG may terminate the agreement. They only recently did so by writing the demand letter. 18.4 = TRGI responsible for reclamation 18.5 = no capital repayments until 18.4 is fulfilled 18.6 states all fixed plant, equipment and immovable assets to be offered for sale to the GoG at fair market value within 30 days. If GoG does not want to acquire the properties 120 days since termination to be sold to anybody. All assets not sold within 120 days to become property of the GoG with no reimbursement.
GoG current actions make it more likely GoG might have to pay to TRGI. TRGI has 18.6m A$ in royalty debt, but that is not considering certain vat tax assets GoG owes TRGI, fixed assets etc. are worth more than that sum at fair market value, TRGI might end up with a slight surplus, who knows?
And we should not forget TRGI is not owner of the tenements.
TRY Price at posting:
3.0¢ Sentiment: None Disclosure: Held
