GREY:ADEXF - Post by User
Comment by
rpdelucaon Aug 22, 2012 12:36pm
114 Views
Post# 20247194
RE: 20 million
RE: 20 million The RB project and Tuktu are seperate from each other. With the FS completed, it will now be up to Xinxing and AXI (the board) to make a decision on whether to move forward with the project (i.e. construction phase). Xinxing needs state approval on the project and once this is given, then the funds will get transferred to AXI. In actual fact, there is $50 million to be transferred over. The first $20 million will go to AXI to pay for the FS, the second $20 million will be paid to them in terms of advanced profits and the other $10 million will get put into the JV which is formed between AXI and Xinxing. My best guestimate is that based on the state approval process, we are probably looking at sometime in Q4 (again my guess).
The other $20 million for Tuktu is totally seperate from RB and was outlined in the PR from yesterday. Hopef this helps.