TSXV:MXL.H - Post by User
Post by
whinnyon Nov 21, 2015 10:11am
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Post# 24312059
Incomplete payment for Roca
Incomplete payment for RocaCan someone explain this from their recent Interim Financial Statement?
The Company completed the first stage of the acquisition upon its payment to Roca of the $50,000 non-refundable deposit on November 4, 2013, and the subsequent payment of $750,000 on November 15, 2013. During the three months ended March 31, 2014 the Company paid $300,000 towards the Second Payment (22% in the aggregate). On April 1, 2014 the Company paid an additional $650,000 and completed its Second Payment (35% in the aggregate). To date, the Company has not paid the funds or issued the securities to Roca as required under the amended letter agreement in order to exercise the third stage of the option and acquire 100% of the share capital of FortyTwo. The Company has not received a notice of default or notice of termination from Roca or FortyTwo with respect to the amended letter agreement; however, Roca has announced that it has entered into a binding letter agreement with Taranis Resources Inc. (“Taranis”), whereby Roca granted Taranis an option to acquire 65% of the issued and outstanding common shares of FortyTwo. The Company is considering its options regarding Roca’s announcement.