Originally posted by sowens
Thanks for the heads up JDeGeo I see Fura have terminated the agreement to buy the Regius tenements but are standing by the agreement with NXE and that is pay $2.8 million for the Ruby tenements provide a loan of $2.8 million and pay $489,439 for the wash plant with Feb 28 nominated as the significant date
That's right. The Mustang loan facility of $2.8 million could be drawn down upon with a drop dead date of 28 February, contingent upon all legal transfers and paperwork being completed prior to this date and NXE remaining solvent. It can be extended by Fura for 1 month at a time until they are satisfied of clean title and clean transfers. I haven't seen any details of the loan being drawn upon to date, just capital adequacy notations.
The Regius titles included in the agreement were able to be separated from the Mustang/NXE titles. Nice of the Regius boys to take the cash component of the sale in June/July and then retain the titles out of the deal at the end. The gift that keeps on giving.
The interesting speculation is who bailed out on who prior to the Feb 8 announcement. Did Regius get out and separate their assets from NXE drop dead date payments, or did Fura call time on them? If I was Arena I would put my injunction on cash dispersements in after 28 February payments received and prior to any shareholder disbursements. I certainly would not have gone in for any settlements or early court hearings prior to this date. If I was Fura I would de-link them too, just in case it gets tied up.
Now if NXE is still functioning, it will be interesting to see if all details are taken care of prior to the drop dead date. No announcements on any completions yet, but it is kind of key, because if the Arena court case goes ahead with a delayed settlement by Fura, then the funds will be coming from elsewhere....
