Sale of property no update since as per their Feb 27th stat
On December, 05, 2011 CIO entered into an agreement
for the AUD$4 million sale of its Eureka Gold
Project to Greenstone Minerals Pty Ltd (“Purchaser”
).The transaction involves the Purchaser paying
an AUD$150,000 deposit and a further AUD$3,850,000
in two tranches as follows:
Tranche 1: The Purchaser must pay CIO AUD$2,000,000
in cash on completion of the sale and
purchase.
Tranche 2: On the date that is twelve months from t
he date of the Purchaser’s admission to the
official list of the Australian Stock Exchange (“AS
X”), the Purchaser must pay the following
consideration to CIO:
i. AUD$850,000 cash; and
ii. AUD$1,000,000 in cash or shares in the Purchase
r, at the Purchaser’s
election.
CIO and the Purchaser are in negotiations to vary t
he agreement so that completion of the sale and
purchase is extended and is not conditional on an A
SX listing of the Purchaser, and further that the
Tranche 2 payment is all payable in cash 12 months
from the date of the variation. All consents,
approvals, authorisations or clearances which are r
equired for the sale and purchase (including any
required TSXV approvals) have been obtained.