Expect news next week re confirmation of clause 2).of this...

Expect news next week re confirmation of clause 2).of this agreement IMO, but this may be too late for some and catch those out who would have otherwise lined up for the stock at 1.2c with free option


The Letter Agreement is conditional upon:
1). obtaining all necessary regulatory and Shareholder approvals (as required under the ASX Listing Rules and the Corporations Act 2001); and
2). release by Arturus of a 3% royalty over-ride burden over the leases prior to settlement to ensure the Company receives 75% of the net revenue interest in the leases.

The Letter Agreement may be terminated if the conditions are not satisfied or waived within 4 months of execution. In the event of termination, the refundable deposit will be repaid to the Company.

On 29 December 2010 Shareholders approved the issue of 196,000,000 Shares to Arturus Limited or their nominee (subject to the approval of the Company). These shares will be issued if all conditions are met or waived.