Maybe something like this would be more interesting to Primed. It appears that any alledged wrong doing by Mr. Bain did not seem to bother the CEO of Oro Capital out of South Africa. Oh yeah...the CEO's name is Danny Aaron.
CONCLUSIONS AND RECOMMENDATIONS
The Company acquired the Shipman Diamond mineral claim by an Agreement dated September 1, 2011 with Duncan Bain, who has also served as the consulting geologist on the project. Under the Agreement the Company received a 70% interest upon payment of $6,000 on September 1, 2011 and on 21st of February 2012 100% interest in the property was transferred from Mr. Bain to Mr. Aaron, our president;and Company is undertaking to cover the costs of exploration. The Company will be entitled to receive the return of all exploration costs prior to commencing a 70%-30% division of cash flow.
In addition, Duncan Bain is entitled to a 1% overriding gross royalty and a 2% net smelter royalty return. The 1% gross overriding royalty is payable on all gem and industrial diamonds recovered within 30 days of the end of each quarter. The 2% net smelter royalty is payable on monies realized from the sale of ores, concentrates or minerals other than diamonds. The 2% net smelter royalty is payable within 45 days of the end of each quarter, after the Company recovers certain costs.
Read more: http://www.faqs.org/sec-filings/130219/Oro-Capital-Corporation-Inc_S-1.A/#ixzz2jprrDbW0
