Mr. Andrew Knox, CEO of Red Sky, has agreed to lend to the Company the escrow amount ($800,000) asan unsecured loan which he has agreed will not become repayable in circumstances where the demand forrepayment would create an event of insolvency for the Company. The term is for up to 18 months at aninterest rate of 10% per annum. The loan terms provide for the issue of 66,670,000 ordinary fully paidshares to Mr Knox, the issue of which is subject to shareholder approval. If that approval is not obtained,the Company will pay Mr Knox an establishment fee of $100,000. Otherwise, the loan contains termswhich are typical for agreements of a similar nature.
That's what i like to see, a CEO putting his money on the line.
Anyone got any real info about these assets and their history?
Ann: Acquisition of Innamincka Dome Assets and Capital Raising, page-3
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