GREY:ADEXF - Post by User
Comment by
Goldengreenon Oct 01, 2013 1:35pm
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Post# 21781789
RE:How will they pay back 5 million debenture in March 2014?
RE:How will they pay back 5 million debenture in March 2014?Correction: AXI owes a $1 million mandatory advance royalty payment to Roche Bay plc this December 15th (it was an annual $275 K payment in recent years), and every year hearafter until the mine closes.
AXI can stop these mandatory minimum payments by abandoning the property, and having Roche Bay plc take over as operator. Even if they abandoned it today they would still owe most of the pro rata portion of the $1 million, let's say $750K.
This sham won't go on much longer after December 15th.
Read the agreement for yourselves: August 2009 material document on SEDAR.