No sure about that, usually announcements are made when intended deals done even if subject to.
"Of the US$4.5M purchase consideration, Magellan will pay Troy a non-refundable deposit of US$150,000 cash within 30 days. A further US$3.35M is to be paid by 15th December 2015 and may, at Magellan’s election, comprise up to a maximum of 9.99% of Magellan’s issued and outstanding share capital at that time"
So they will pay $150K within 30 days and have until December to come up with the rest.
I note that they have the choice of issuing shares as part of the US$3.35m, 9.99% works out to just over $800k so they would have to raise at least $2.5m.
Also note that TRY can take a board seat if it holds more than 7.5%
I patiently wait for try to explain
TRY Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
