RE:RE:RE:RE:What I like about this CGN deal...Note, too, that Fission failed to fully disclose the terms of the deal in their News Release and in any filings.
PamplonaTrader wrote:
For comparison, here is the original, un-redacted, un-spun version of the news release:
https://www.hkexnews.hk/listedco/listconews/sehk/2015/1222/LTN20151222077.pdf
Not surprising in the least that Quakes/Rover tried to cover up parts of the agreement in their version posted below.
quakes99 wrote: Ah, thanks to Rover's searching he found a news release from CGN outlining the details in the LOI. I've just loaded it into the Reference Library at the link below:
CGN Mining Company Ltd. - LOI with Fission Uranium Corp. 21 Dec 2015 –New
It states:
3.3 Off-take arrangement and undertaking given by Fission
The Company will enter into the Off-take Agreement with Fission concurrently with the Share Subscription Agreement. Pursuant to the Off-take Agreement, the Company is entitled to acquire Off-take Quantity from Fission under the terms and conditions in the Off-take Agreement, details of which are as below:
(i) Product: U3O8
(ii) Volume: 20% of the annual production from Fission, and, at the Company’s option, an additional 15% of the production from Fission
(iii) Price: at a discount rate as agreed by both parties by reference to TT and UxC spot price indexes at the time of delivery
Pursuant to the Off-take Agreement, Fission undertook to the Company that it would use commercially reasonable efforts to obtain any and all licenses or other authorizations that may be lawfully required by any agency of any government in order that Fission can legally sell and deliver the U3O8 to the Company as provided in the Off-take Agreement.
Cheers!