merger - CDB & Signet / cash payment $3 mio. - CDB will issue up...

merger - CDB & Signet / cash payment $3 mio. - CDB will issue up to 60 million Milestone Performance Shares

Milestone Performance Shares to be Issued:

20 million - On delineation of a JORC Resource of at least 30,000 tonnes of coal

20 million - On delineation of a JORC Resource of at least 60,000 tonnes of coal

20 million - On delineation of a JORC Resource of at least 75,000 tonnes of coal

new funding agreement lenders/CDB - 7 mio. euro (no ltv ratio)

3 mio. merger payment
1 mio. marianas
2 mio. remaining 50% marianas
1 mio. working capital

jv partner earn-in agreement:
to acquire an initial 51% interest in the signet coking coal project for a total consideration of $5 mio. drilling cost

Just an example :-) (jv partner universal coal ??)