Empire Energy Corporation Intl. (fka EEGC)

[Drunken Sailor]

So why does neither the TXO nor the EEGC announcements say

the MRT that is appealing the decision(as noted below), not gslm...apparently the license is granted, unless the mrt can persuade the judge otherwise

It is made very clear in the TXO announcement:

On 14th August 2012, GSLM's Liquidator received notice from Mineral Resources Tasmania dated 9th August 2012, that due to GSLM having failed to complete work program commitments within the two year term of its Exploration Licence EL 14/2009, the Minister for the Department of Infrastructure, Energy and Resources had decided to refuse an application by GSLM for an extension to the term of the licence. The notice also gave a period of 28 days after receipt of notification in which GSLM could appeal the Minister's decision.

On 10th September 2012 Empire, in its capacity as the largest and secured creditor of GSLM, exercised its rights under the terms of a Mortgage Debenture relating to GSLM, to appoint Shelley-Maree Brooks and Mathew Campbell Muldoon of Sellers Muldoon Benton, Tasmania ("SMB") as Receivers of GSLM.

Later that day, GSLM (through an application made by SMB and its lawyers Butler McIntyre & Butler) lodged an appeal against the decision of the Minister within the relevant 28 day window. Grounds for the appeal include, but are not limited to, the consideration that evaluation of the Licenced area has taken significantly longer than envisaged and as is evidenced by a recent geological survey that alludes to a higher chance of geological success in each of the geological structures, is still ongoing; that litigation against Empire and the winding-up proceedings against GSLM have caused unexpected delays; and that other factors, outside of Empire and GSLM's direct control, have caused further delays.

On 14th September 2012, the Department of Infrastructure, Energy and Resources referred the appeal to the Mining Tribunal of the Magistrates Court of Tasmania, at a date to be advised.

Trying to twist it round the other way is like trying to pretend it is EEGC who are suing Smart Win for breach of contract.

The argument over the rental fee being a binding contract is complete nonsense, it is part of standard process. How many time have you been asked to pay up front, in whole or in part (1 Years fees were paid on the 3 year extension) only to not receive what you had hoped for but instead had you payment refunded?

The bad news though is that Bendall is clearly ungagged and already degrading confidence in the venture with his usual BS.

If TOG ever does form, baring in mind that it is only an empty shell that has received $100k from TXO then paid most of that out, and there is no sign of the immediate raising of $500k nor of Alpha raising $1.6m needed to subscribe in cash (something only the EEGC announcement has promised). Then EEGC will be entitled to twice as many directors as TXO and Alpha and 4 times as many as HSI. Thus you can bet Malcolm will be there with his cronies screwing the whole thing up in the same way BG said he dis before.

Empire have had their chance and screwed it up, now let TB have a go.

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Because EEGC are a major shareholder, although not a majority shareholder.