bas3 - Compliance Energy was set receive an option payment of $3.1 million and 7.41 million JAL shares on May 31, and a final payment of 7.41 million JAL shares on or before May 31, 2012. Jameson has renegotiated the option - they still have the option to acquire the project, but with no additional option payments. In other words, after upgrading the resources in the next 12 months, they can take it or leave it with no further dilution for shareholders.
Hope this helps,
bp2
Ann: Basin Coal Mine Project Update , page-5
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