No dramas.
To further clarify, it appears that the balance of the $13.9m share placement as announced on 28 September, being $12m has been advanced to FMJ with shares to be issued subject to shareholder approval, since granted. However, no appendix 3B has been issued to date.
This $12m has been loaned to Ji'an Resources to enable payment for the Kazakhstan projects. In addition, $12m was raised through convertible notes as per announcement of 12 August. This money also loaned to Ji'an Resources for same payment. In total, with consideration of the $6m loaned to Ji'an for same in March 11, $30 million has been given to Ji'an Resources for payment of the Kazakhstan sites.
The prospectus makes it clear that if the deal was to falter or not proceed, there is no guarantee that the monies paid thus far would be recoverable and may require the institution of court proceedings, potentially in a foreign jurisdiction. (Page 47, FMJ prospectus, ASX announcement 10 November, 2011)
No dramas.To further clarify, it appears that the balance of the...
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