could it be that it was the Compliance Energy dumping their 7 mil shares they got in Feb 2009? The agreement stated the shares were in 1 year escrow, so now would be free and if Compliance feels Jameson wont build, then why hold them?
They surely would have been privy to the feasibility study results one woul think..
Just my thoughts.
Besides its a win-win for them to dump, as if the deal does happen later, then they get another 7mil plus I understand and $3 mil cash.
This ploy could be Jameson's way of renegotiating the deal and getting a better price?
Nevertheless, big risk, but big potential too.
GL R from CEC's website"The Company signed a definitive option agreement (Option Agreement) for the sale of the Basin Coal Mine for consideration of cash and shares totaling Cdn $8.25 million. Under the terms of the Agreement, NWPC Pty Ltd (NWPC), a private Australian company, has agreed to an option to purchase the Companys interest in the mining agreement under which the Company has the right to mine coal at the Basin Coal Mine as well as all remaining assets of the mine, including the 400,000 tonne per year wash plant for $4.25 million in cash and $4 million in shares of Jameson Resources Limited (JAL) a public Australian Company. Subsequent to December 31, 2008, the Company received an option payment of $1,000,000 in cash and 7,407,408 shares of JAL which are subject to a one year escrow provision. The final option payment of $3,100,000 in cash plus closing adjustments and 7,407,408 JAL shares is due on or before May 31, 2010, at which time the Companys interest in the mining agreement would transfer. A final option payment of 7,407,408 shares is due on or before the earlier of commencement of coal production and May 31, 2012."
JAL Price at posting:
9.0¢ Sentiment: None Disclosure: Not Held
