Sounds like progress.
Feb 24, 2016
The Company is taking two actions in regards to closing the SPA and working with HSVW outside of the SPA. In regard to the SPA, HSVW has not closed the funding as the Government approval process continues to move forward. However, the Company believes that HSVW is using its best commercial efforts to close the first tranche financing and will extend the closing to March 11, 2016.
Mar 11, 2016
The Company has determined that the necessary actions and steps have been taken by HSVW with the China State Administration of Foreign Exchange (SAFE) and final arrangements for the transfer of the first tranche of $3.75 million USD are underway. The formal close will occur once the funds are verified in the Company's commercial account in the coming days and the stock will then be transferred to HSVW in accordance with the SPA.
