GREY:OLEPF - Post by User
Comment by
hoosier1on Oct 30, 2012 3:33pm
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Post# 20541014
RE: RE: RE: For Sale
RE: RE: RE: For Sale tony
The formation of a Senegalese corporation has been in every FS Oromin has put out for at least 2 or three years... they never did it but in the FS it always stated "...OJVG is in the process of establishing..." the company...
We (this board) talked about it in August too, since that is when they finally got around to doing it. Under the Mining Code of Senegal, the property had to be held by a Senegalese Company...this company will be held 10% by the government and 90% by Oromin JointVenture Group (OJVG)... OJVG is owned 43.5% Sabadola Holding Limited (SHL) 43.5% Bendon, & 13% Badr...SHL is owned 100% by OLE...The Gov't's 10% is only collectable AFTER original principals recoup initial operating & exploration costs.
I agree that this completion should aid in completing a deal.
h1