Ownership of Roche Bay The 2009 Agreement applies. On paper, AEI owns 49.1% of Roche Bay and of Tuktu. They have 2 options to earn 100%: A) produce a feasibility study and positive production decision for each of the properties; B) Buy out Roche Bay plc's 50.1% share with a $35 million payment.
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Before they do either of these steps, by contract it is impossible for AEI to convey its interest in Roche Bay to any third party, this includes XinXing of course. There can not be a joint venture deal without Roche Bay plc's interest being taken out first. The same applies to Tuktu: it is impossible to convey an interest in Tuktu to a third party without taking out or earning-out Roche Bay plc's majority stake.
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AEI stuck in a difficult position. XinXing obviously wants 50% ownership in exchange for the promised $50 million, but it is impossible to convey this interest before buying out RB plc (failed attempt last year) or earning into the property.
But to earn into the property AEI needs cash to complete the feasibility study. Hence the $5 million debenture, which is a good solution towards clearing up a complicated ownership structure.