PROCUREMENT OF DRILLING SERVICES Waypost shall procure, and Triple shall accept, the procurement of a Drilling Company to perform Drilling Services for Triple at a consideration of not more than US$2,750,000, of which the payment of the entire amount shall be satisfied by the issue of up to 525,401,250 new Triple Share (assuming exchange rate of US$:AUD = 1 : 1.14633) at a price of AUD0.006 per Triple Share to Waypost for the Procurement, subject to the fulfilment of the requirements under the Corporation Acts and the listing rules under ASX, Triple having obtained the approvals from its shareholders and the completion of the Drilling Services to be performed. Waypost shall procure that the Drilling Company to enter into the Drilling Contract with the scope of the Drilling Services to the satisfaction of Triple.
Consideration payable to the Drilling Company
Waypost shall pay the Drilling Company by cash and/or by procuring the Company to allot and issue the Consideration Shares under the General Mandate as compensation for the Drilling Services to be provided.
The amount of compensation payable and the settlement method is to be agreed between the Company, Waypost and the Drilling Company.
An application will be made to the Listing Committee for the listing of, and permission to deal in, the Consideration Shares.
Upon completion of the Tranche 1 Placement, the conversion of the Loan into 83,333,333 new Triple Shares, the Tranche 2 Placement and the Drilling Services to be performed,
Waypost shall own up to 975,067,916 Triple Shares, representing approximately 56.17% of the issued share capital of Triple. The Company shall indirectly own 33.70% of the issued share capital of Triple and Triple will become an associate of the Company.
TNP Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
