Is this agreement still in play? ASX Announcement 16 April 2014...

Is this agreement still in play?

ASX Announcement
16 April 2014
AGREEMENT TO NEGOTIATE TO ACQUIRE WISE ENERGY GROUP’S 50% JOINT VENTURE
INTEREST IN THE COCKATOO ISLAND PROJECT FOR US$21 MILLION AND RESIGNATION OF
DIRECTOR

Pluton Resources Limited (ASX: PLV) (Pluton or the Company) is pleased to announce that the
Company has today executed a letter agreement with Wise Energy Group Limited (WEG) (Letter
Agreement) to negotiate in good faith:
 the sale to Pluton of WEG’s 50% Joint Venture interest in the Cockatoo Island project;
 the termination of the Sales and Marketing Agreement between Pluton and WEG; and
 the buy-back of WEG’s 48,845,070 Pluton shares (by way of a selective capital reduction which
would require the approval of Pluton shareholders) or the sale of those shares by WEG,
for US$21 million (intended to be without set off or deduction).
Under the Letter Agreement, the parties agree to negotiate in good faith to enter into legally binding
documentation (Sale Agreement) and complete the transaction within 180 days from the execution of the
Letter Agreement.
For 180 days from the date of the Letter Agreement, Pluton will pay all approved sums payable by WEG
under the Cockatoo Island Joint Venture Agreement, and WEG’s proceeds from the sale of Joint Venture
product will be applied to repay Pluton for those payments.
If the Sale Agreement is not entered in to or completed within 180 days of the Letter Agreement:
 any amounts paid by Pluton of WEG’s behalf (as outlined above) will not be payable by WEG but
will be deducted from WEG’s share of the sale of Joint Venture product;
 Pluton will resign as Manager of the Joint venture on notice from WEG and the parties will
negotiate in good faith to appoint a new Manager; and
 WEG may give notice ceasing operations at the Project and the parties must work together in
good faith to find a solution to operate the Joint Venture.
In addition, WEG nominated Director Dianmin Chen has resigned from Pluton’s Board effective
immediately. The remaining Board of Directors thank Dr Chen for his service and wish him all the best
with his future endeavours.