>>>> Aurox Resources has negotiated a restructure of its previous arrangement with a supplier for components towards its Balla Balla magnetite iron project in the Pilbara.
The company, which went into a trading halt today, announced that Siemens AG has agreed to the contract restructure relating to the supply of gearless drives, used for magnetite concentrator. >>>
Allows them to keep the 28 million in cash instead of passing it to the contractors. Look at the last financial report - this liability was due end of March and would have wiped out their funds. Now they are able to stay liquid till they get the funding..
AXO Price at posting:
9.3¢ Sentiment: Hold Disclosure: Held