Sedar, the Canadian equivalent to SEC, is best place 2 check.
3-3-23 newest submission. SOP is still giving JV party time. Say they were misinformed, which is strange wording for a future partner.. They do say JV partner is going above and beyond though.. Also say non payment from JV is result of internal finance structuring modifications.
March 3, 2023, Toronto, ON, Canada – SOPerior Fertilizer Corp. (the “Company”) (NEX:SOP.H). Further to its January 9, 2023 press release, SOP announces that it was misinformed by the Blawn Mountain JV counterparty regarding the timing of the full payment of SOP’s debt facility with its secured lender. The secured lender and the JV counterparty are currently finalizing a revised payout schedule with a near term closure date.
The JV counterparty has also agreed to pay an additional $100,000 USD extension payment to SOP to compensate for the additional delays. To-date, the JV counterparty has paid $703,950 USD in the form of exclusivity payments, extension payments, SITLA fees and principal debt repayments. In addition to the payments made to SOP, the JV counterparty has invested considerable expense, time and effort to advance the JV project execution plans and has given SOP strong assurances that the delays in payment that have occurred do not reflect on its inability to close the JV transaction but instead are a result of internal financing structure modifications and coordination with other related transaction activities. The JV terms and agreement remain unchanged and are being held in escrow awaiting full payment of the $4.7 million USD required consideration.
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