Bonython Metal Group (currently private) owes us approx $12.5 plus million AUD this Sept In a staged buy back of 3,060 private/ordinary shares not withstanding a public listing at which point the same shares would be converted Into listed shares....... that's $12 million plus Cdn dollars.
Iron Ore: Purchase Agreement with Bonython Metals Group
In September 2010, the Entrée-Atlas joint venture entered into an agreement with Bonython Metals Group Pty. Ltd., a private Australian resource company. Bonython purchased 100% of the iron ore rights on tenement EL3848 in exchange for 6% of Bonython’s future issued capital. On January 31, 2011, Bonython issued 3,060 ordinary shares to Entrée representing its 51% interest of the joint venture’s 6% ownership of Bonython.
Cheers
Gill
