Thursday, March 29, 2018 11:49:10 AM
Pursuant to our amended option agreement with the current owner of the Talapoosa project, during the amended option period we are required to make the following expenditures and stock issuances:
·
Payment of $1 million and issuance of one million common shares of the Company by March 31, 2017 (completed);
·
Payment of $2 million and issuance of one million common shares of the Company by March 31, 2018;
·
Cumulative project expenditures of a minimum of $7.5 million by December 31, 2018;
·
Final payment of $8 million and issuance of one and a half million common shares of the Company by March 31, 2019.
We do not currently have sufficient cash on hand to cover the March 31, 2018 cash payment. If we are unable to raise sufficient funds through capital raising activities or through bringing in a project partner prior to the payment date, we may default under the option agreement. Further, we may not have sufficient funds to meet our other future payment obligations at the time they become due and payable under the amended agreement terms. If we are unable to and we are unable to make the required payments by the specified payment dates and we are unable to negotiate an extension or new payments terms, we would default under the option agreement and risk having the project revert back to the current owner and our investments in the project would be lost, which could have a materially adverse impact on our financial condition and the value of our common stock.
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