dparge

ok, here goes. This is my understanding.

The A&F Agreement was signed and executed June 3, 2010.

The Exclusivity (1) on the acquisition and funding agreement is valid till July 31.

2. (e) The A&F Agreement will contain such other conditions precedent to Closing as are usual or desirable in connection with transactions..........set out in Section (4) hereof.

3. Immediately upon execution of this Agreement......shall diligently proceed to negotiate.....issuance of the permit.

4. Conditions precedent to closing

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June 3rd was the execution date. Permit issuance has to proceed closing.

Closing is subject to, of many things, a shareholder vote passing the resolution. We meet in August to vote.

Permit has to be in place before we vote and executed A&F Agreement needs to be completed prior shareholder vote.

If I have messed up in this please let me know however the Agreement clearly states what needs to be done prior closing.

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