Well, GULP. You may have to swallow this one. Like I said:
Geez, Page 6 of SmartWins PR dated 22 July, 2008 to their shareholders says this:
Pursuant to the terms and conditions of the Note, no funds will be drawn down until the Trustee has been appointed and the Pledge and Security Agreement has been executed by all parties (the “Conditions”). Although the parties have not yet appointed a Trustee as at the date of this announcement, Smart Win has advanced approximately AUD2,600,000 (equivalent to approximately HKD19,760,000) under the Note in order to facilitate exploration work of the Project. It has been agreed by the parties that Smart Win’s advancement of the funds will not constitute a waiver of the Conditions and that the remaining approximately AUD2,400,000 (equivalent to approximately HKD18,240,000) of the committed funding under the Note will only be advanced when the Conditions are satisfied in full.
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