Empire Energy Corporation Intl. (fka EEGC)

[BobSinCA]

Anyone know what the 'conditions precedent' are, related to the Sure funding, for which the $20M LOC is required?

My speculation is that the funds will pay for the items discussed in the September 3 PR

Included in this statement of charges are the fees associated with the preparation and issuance of a prospectus for principally protected notes, the purchase of an insurance policy to enhance the rating and quality of these notes, the fees incurred to have the notes rated by an internationally accredited rating agency, the costs related to the placement of the notes with investors as well as management fees for the above Bermuda-based management services.

However, back in Sept others thought that these costs would be paid out of financing proceeds, not by 'up front' costs out of EEGC's (empty) pockets. So, that begs the question of what 'conditions precedent' have to be funded -- or is the LOC itself the condition precedent??

And yes, we all hope it will not take as long to arrive as Mr. Bendall's has taken.