RE: RE: Tulgalagatai Sale/Purchase Agreement The delay is now costing an additional 2 million shares to reactivate the loan. The credit agreement was contingent on completing the sale and purchase agreement and that did not happen. Warterton is penalizing us for the sale/purchase agreement not being completed.
I do not recall any reason given as to why the agreement of purchase and sale expired? Did Tethy renege on the deal? We had the money to complete the deal and are not walking away from it, so what happened? Why are we having to renegotiate? If Tethy failed to follow through with the deal, why not? Did they breach the agreement of sale and purchase? If they did it is costing us an additional 2 million shares.
Because negotiations are ongoing management may not be in a position to comment but once this things is finalized I believe management owes us an explaination because this is material.