OTCPK:MEAOD - Post by User
Comment by
Corcovadoon Nov 21, 2006 10:55pm
207 Views
Post# 11726108
RE: News
RE: Newsbot_feeder Quote: Looks like Metanor paid a $500,000 penalty for failing to close the deal on time.
This is not true. The deal changed. The first deal is as follows. In this deal there were shares that were to exchange hands.
The Purchase Agreement provides for the payment by Metanor of $3,500,000 payable at closing, and the issuance of shares of Metanor representing an amount equal to $750,000, calculated at a value per common share equal to the volume weighted average of the closing price of the common shares of Metanor for the last 10 trading days on the TSX Venture Exchange immediately prior to the date of the Agreement.
The second deal is as follows. No shares change hands.
The New Purchase Agreement provides for the payment by Metanor of $2,000,000 on November 20, 2006, of $500,000 on or before March 31, 2007, and of three (3) additional payments of $500,000 on or before May 31, August and November 30, 2007 in cash or common shares to Metanor's choice.
Also note this quote from the MTO news release.
Metanor actually has the complete financial capacity needed to realize the acquisition of the Bachelor Lake Property following the last private placement (November 10 and 16, 2006 press releases).
Finally, expect another news release soon................