What agreement Jeffries ?
But - for the record Brimstone - three sets of owners ago - bought 40% of Penny’s from Empire for $500 grand and shareholders were told they would buy the entire mine for up to $2 million
http://www.resourcesempire.com.au/docs/150910.pdf
That was eight years ago.
Those owners sold Brimstone ...which still owned 40% ...to a Singaporean company in June 2012
( I believe during its ownership LionGold drilled 22 holes none of which had decent gold)
In 2015 an Empire and Mandara* (*see dissident holders list) JV purchased Brimstone - partly with money Empire obtained via a cap raising of 55.5 million shares at 0.09c .
The JV - Barola - had Empire as the minor holder (49%)and Mandara - ie John Jacoby * (*see dissident shareholder list) and Paul Williams as the controlling entity.
Soon after the cap raising was completed Barola decided to buy Brimstone instead of doing the African stuff in Angola .
The purchase went through in June 2015.
At that stage Empire announced
“Empire Resources currently holds a 32% interest in Barola Resources thereby owning a 73% interest in the Penny’s Find gold project (60% direct and 13% indirect)......
...Empire plans to be in production within nine months targeting production of ~19,000oz in the first year, based on the recent scoping study referred to below.....”
(I do not know why/h0w Empire’s holding in Barola was reduced from 49% to 32%)
On 30 September 2015 Empire decided it wS going to sell out of its interest in Barola leaving Mandara with full ownership of both Barola Resources and Brimstone - which still owned a total of 40% of Penny’s Find.
I hope this has clarified the ownership question.
As to what is written down between everyone who has been involved I believe all that has been publicly announced is that Empire paid the 40% of Blue Cap mining and finance costs and interest was accruing on the Brimstone debt at a rate of 18%.
Cheers
