I just realized that the last PR about the royalty buyback ($3,441,224.00) included the $2,697,600.00 that had been repurchased from Andora on March 18th
I don’t know how I missed that, and wanted to make sure others here did not.
On March 18,
2014, as part of the SAGD Project agreement we had the right to repurchase a 3% GORR, from the operator of the SAGD Project at their
cost, that potentially encumbered six oil sands leases covering 23,405 gross acres (9,472 gross hectares) located on our Sawn Lake
properties. We have since repurchased the 3% GORR for Cdn $2,697,600 and have an option to purchase a 2.5% GORR for Cdn $1,000,000
From the filing 07-03-14
a) $2,435,124 U.S. dollars ($2,697,600 Canadian dollars) was paid to Andora for the purchase and transfer of an undivided 3% interest out of the Purported 6.5% Royalty. The consideration paid was the original cost that Andora paid to acquire its 3% interest in the Purported 6.5% Royalty.
b) $1,007,000 U.S. dollars was paid to Mr. Malik Youyou,, who is a director and majority shareholder of the Corporation, for the purchase and transfer of an undivided 2.5% interest out of the Purported 6.5% Royalty. The consideration paid was for the reimbursement of the original cost that Mr. Youyou paid to acquire this 2.5% interest in the Purported 6.5% Royalty.
AI
