Thursday, April 22, 2010 4:49:47 PM
The winning bid was Silver Opportunity Partners from New York. (Private Silver Equity fund)
Theypaid $24.5 million US + $5 million to buy lease. Total deal $30million, $500,000 to litigate SPMI if they do not transfer the lease.
Kootenay was unable to complete it's financing because of the litigation involving the lease.
This was not a fiasco. ASX get all of its money back by way of Compensation fee. Still has about $14 million cash.
Tim is still the largest shareholder and will continue on.
Minco was unsuccessful in its bid.
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