$12,5000,000 third Cameco trancheAppears that they are at most two steps away from receiving the third tranche of payment from Cameco.
I guess there will be a vote at the Sept 12 (scheduled) shareholders meeting to satisfy clause (v) of the terms below, and the only outstanding issue is a comprehensive strategic alliance agreement. As far as I can tell, conditions (i) through (iv) have now been met. It is unclear to me whether the shareholder meeting of 2007 sufficiently addressed condition (v), although I believe there was a vote on the matter of change of control which was at issue. Also, it is unclear whether condition (vi) has been met, as the original terms suggest that a strategic alliance would be effective as of the date of the closing of tranche 1. So, it could well be the case that all conditions have been met, and that all they are awaiting is the final approval of TSX for the private placement of tranche 3 with Cameco.
From the SEDAR filing of 09/06/07:
Cameco will subscribe by private placement for a number of units of Cue having an aggregate purchase price equal to the sum of US$4.5 Million and CDN$15.0 Million in three tranches as follows:
[...]
(c) a subscription for units having an aggregate purchase price of CDN$12,500,000 to close on the later of:
(i) January 31, 2008;
(ii) 30 days following completion of a drill program consisting of a minimum of 75 delineation holes from the Yuty Concessions and a column leach test being completed on the samples;
(iii) the delivery of an independent National Instrument 43-101 compliant report on the results of such drilling and testing programs with the results of the programs being satisfactory to Cameco in its sole discretion;
(iv) Transandes acquiring an exploitation work permit in respect of the portion of the Yuty Concessions designated as Yuty Block 2;
(v) Cue receiving shareholders’ approval of the third tranche of Cameco’s subscription for units of Cue; and
(vi) Cameco and Cue executing a comprehensive strategic alliance agreement.