Ann: Quarterly Activities Report, page-29

The other thing to think about is the off take xcoal has with b2y. I don't know the cancellation terms but that reduces the appeal to another buyer. Why buy a losing mine to sell the coal to xcoal when if xcoal buys or forecloses if shareholders agree to the lien they can also make some margins on the sales at least. my guess is the Singapore outfit is either with xcoal in some capacity to bully a vote at the EGM for the lien or is making a stupid investment ala xcoal at 30c for 10million. Time will tell. Mgmt have done a good number on a few smart people is my guess.