This was my question to Eva at RRS and her response. The e-mail...

This was my question to Eva at RRS and her response.

The e-mail was part of a number of question posed to RRS before their 2013 AGM 3. Pg 76 of the Annual Report (year end june 2013) refers to a loan to Continental Coal in the prior year. This has subsequently been repaid.

Q This loan appears to have taken place at a loss of $US 60K plus interest. Can you confirm this is the case or if not provide more details of the transaction.

R The original loan was for an amount of A$2.1m which was settled in full along with accrued interest. Please note that the principle amount was recorded separately in the accounts whilst the accrued interest on the loan was recorded within accrued revenue.

COOL issued 10M shares to RRL to repay part of the loan. The accounts don't tell us who these were subsequently sold to , to recover the cash for RRL. OKAP lending CCC is a separate transaction.

"10M Repayment of Range Resources Limited loan. Shares issued under ASX listing rule 7.1." as per COOL's accounts to 30/06/2013. pg 20

During the 2012 year the Group received a total of $2,115,000 in accordance with a borrowings agreement entered into with Range Resources Limited, a company of which Peter Landau is a Director. Interest expense incurred in relation to the loan was $224,000 (2012: $287,000).

During the 2013 year principal repayments totalled $1,175,000, leaving a principal balance outstanding of $940,000 which was assigned to an unrelated third party prior to 30 June 2013. Unpaid interest at 30 June 2013 was $50,000 (2012: $129,000). as per cool accounts pg 116

So who ever the unrelated party was, they have the obligation to settle the debt. Unrelated so it's nothing to do with PL /OKAP which was the inference from the share prophet article