INSIDER OPTS NOT TO TAKE CASH!!A Company Insider owed $125,000 in a Related Party transaction on the Pasquia Hills property has negotiated an Interest paying option over cash.This then leaves $125,000 available to continue exploration and development projects without seeking further funding.This is truly laudable in benefiting the Company and shareholders.
Three cheers for Charlie!!
The total consideration for the acquisition of the 17.5% working interest in the Pasquia Hills oil shale assets is $787,500 dollars to be paid in a combination of cash and common shares of the Company in two tranches as follows:
• $393,750 comprised of $125,000 in cash to be paid on December 1, 2010 and $268,750 to be
paid through the issuance of 3,359,750 Common Shares of the Company in the amount of
$268,750 on October 1, 2010; and
• $393,750 comprised of $125,000 in cash to be paid on October 1, 2011 and $268,750 to be
paid through the issuance of Common Shares of the Company based upon the 30 day closing
average trading price in the shares of Goldnev as of September 30, 2011.
As at July 29, 2011 the cash portion of the acquisition due on December 1, 2010 had not been paid. The parties to the agreement have undertaken to enter into an amending agreement to accrue interest at the rate of 12% on any amounts payable and outstanding pursuant to this agreement.