It would seem we can add about $1.3 million CAD in cash to our Dec 31/21 cash position , elevating it to about $11.5 million CAD...see notes below
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On September 7, 2021, the Company announced it had entered into a letter agreement to sell its 35% interest in KUB Holdings for a cash payment of $2,600,000 and settlement of debt.
On February 2, 2022, the Company closed the transaction and received the $2,600,000.
The Company also settled approximately $8,300,000 in debt via repayment and simultaneously received $7,933,000 back in dividends with the difference being withholding taxes.
These debts and dividends were settled during the year ended December 31, 2021 and the three months ended March 31, 2022.
During the year ended December 31, 2021, the Company recorded $7,933,000 in dividends from KUB Holdings as compared to $nil in dividends in 2020.
The Company received $5,887,000 of the dividends in cash during the year ended December 31, 2021 and the balance of $2,046,000 dividends were receipted subsequent to the year ended December 31, 2021.
As at December 31, 2021, the Company owes $949,000 under the Pelicourt loan. Mikhail Afendikov, the Company’s former CEO, was a principal of Pelicourt.
The Company made principal repayments of $900,000 on the Pelicourt loan during 2021 as compared to a principal repayment of $200,000 during 2020. The Pelicourt loan bears interest at 10.8%.
• On December 21, 2021, the Company closed its sale of its 50% interest in CNG Holdings Netherland B. V. (“CNG Holdings”), which indirectly owns the Uzhgorod licence in western Ukraine.
In consideration, the Company will receive €800,000 for its 50% interest in CNG Holdings including €600,000 in cash received on closing and €200,000 is a contingent payment on certain future events including a commercial discovery.
• The company reports RK operations proceeding as per normal