Post by
fliptwo on Oct 06, 2010 10:23am
voting shares
the class A voting shares are restricted, as in no more are to be issued. All other common shares are non-voting. They do not dilute the restricted shares. Any changes would have to be agreed upon by both parties. Highly unlikely! JJ has 100% responsibility to fund all development cost until production commences and they receive their financing money back first. Follow up to this charade is mandatory binding arbitration within a very short time (about 6 weeks I figure) according to the agreement.
Comment by
Geosnow on Oct 06, 2010 6:52pm
Could you point me to the actual section of the agreement where it says the Class A voting shares are restricted / no more to be issued. I did not come across it but easily could have missed it.
Comment by
fliptwo on Oct 12, 2010 12:27pm
The agreement specifies that changes must be voted on unanimously. Each party has one vote each for a total of two votes. Throughout the document it is specfied JJ must pay all the bills and GBK need not put up another cent. Payout to JJ of their ecxpenses begins after production with 80% going to JJ until the bills are paid. Nol 30 million is required by GBK.