RE: RE: RE: Tulgalagatai Sale/Purchase Agreement "The Company also announces it is postponing the purchase of coal assets from Tethys Mining LLC announced on June 18, 2012 until the Mineral Resources Authority of Mongolia accepts the transfer application."
It is possible the deal is delayed because the Mineral Resources Authority of Mongolia has not completed the transfer.
The deal could have been structured so that it was contingent upon finalizing the transfer and stayed in force until that happened.
The 2 million shares at today's market price represents a 13% windfall on the 10 million dollar loan in addition to what ever the interest rate is.
This does not make me happy. Prophecy should seek out another credit agreement with someone else.