interpreter please
Can someone help me out with this PR.. i take from this that
1) CAN transferred concessions in Mexico to Candente
2) who owes who? it seems logical that Candente would pay CAN for the transfer, but the transfer has not been completed (subject to certain conditions)
3) So does CAN get the property back?
https://ca.news.finance.yahoo.com/s/01102009/28/link-f-ccnmatthews-candente-gold-secures-upside-potential-el-oro-property.html
Canaco amendments for El Oro agreement
2009-12-09 18:29 ET - Property Agreement
Further to the bulletins dated Aug. 1, 2006, Jan. 19, 2007, and April 24, 2009, with respect to the exploration and exploitation concessions located in the municipalities of El Or and Tlallpujahua, Mexico, and Michoacan states, Mexico, the TSX Venture Exchange has accepted for filing amendments to letter agreements dated Feb. 2, 2009 (amendment No. 1), and Sept. 30, 2009 (amendment No. 2). On April 30, 2009, the company's interest in the property was transferred to Candente Gold Corp. and accepted for filing effective April 24, 2009. The amendments are summarized as follows:
Of the total consideration payable under the original March 30, 2006, agreement totalling 250,000 common shares over a three-year period, 125,000 shares remain outstanding and are a firm commitment. And, amendment No. 2 includes an additional optional issuance of 125,000 common shares. Under the first amendment the company must issue another 125,000 shares by Nov. 30, 2010, in order to exercise the first option to acquire a 50-per-cent interest in the property. Under amendment No. 2, this optional payment is made the obligation of Candente Gold Corp. subject to certain conditions, which have not been met and therefore not in effect.
Amendment No. 1 also extends the deadline for the second-year and third-year exploration expenditures totalling $4-million by one year to $1.5-million by November, 2009, and $2.5-million by November, 2010.
Under the original agreement, $5-million in exploration expenditures is required to earn an additional 20-per-cent undivided right, title and working interest. Amendment No. 1 extends the deadline by one year to $2.5-million by November, 2011, and $2.5-million by Nov. 20, 2012.