Sandstorm Metals & Energy Ltd STTYF

My Questions on Donner

[Thundersole]

Quote from press release: "Failure by Donner to meet its obligations under the development agreement will result in Glencore having the right to recoup any shortfall from Donner's portion of the proceeds of mine production."

With SND waiving any stream for 2013, what is Donner's proceeds of mine production, will they be able to just pay the difference upon receiving a letter from Glencore?

Quote from press release: "Should Donner's portion of the proceeds of mine production be insufficient to do so, Glencore may elect to buy the company's interest at fair market value or to forgive the amount owing and convert the company's interest in the Bracemac-McLeod mine to a 2-per-cent net smelter returns royalty, of which a 1-per-cent NSR royalty can be purchased by Glencore for $1-million."

What happen to the 3 million dollars they raised in the placement?  I take it that it is not enough to cover what is owed?  I thought I read somewhere that 4.5 million was required, does anyone on this board know for sure what is owed.

Is September 12th the drop dead date, being that is 30 days after announcement of default by DON, or was the announcement made days after the default and the drop dead date is earlier, does anyone know the drop dead date.

I am guessing it is all up to Glencore's response, will they stick hard to the contract or will they grant some grace period (maybe at some cost).

Has Glencore responded yet?