posted on
Oct 03, 2010 02:16PM
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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: Re: EZ
Although I would welcome the transfer of the MOC and permit or satisfactory equivalent before voting, the binding agreement clearly states that is not required or anticipated to execute the A&F Agreement. It actually states that it will not be done prior to the execution of the A&F.
Under Section 3 Convenants
(b) Immediately upon execution of this Agreement, Crystallex and CRRC shall diligently proceed to negotiate with the applicable Venezuelan governmental authorities for the issuance of the Environmental Permit and the transfer of the MOC from Crystallex to the Joint Venture. The parties shall keep each other apprised on a timely basis of the rogress of negotiations and shall consult with each other on all significant issues in respect of the negotiations and issuance and wording of the Environmental Permit and the transfer of the MOC.
The section that your post refers to is section 4 Closing Conditions. Our vote will have the contigency language that all conditions have to be met before closing (MOC transfer, permit, etc.) or the vote is void. Probably a tell of expectations on how long it will take until close will be the length of time the vote will be valid until expiring.
I don't think anyone has stated communication with management that this process has officially changed. With such an excessive delay as we have I can understand the full circle of speculation. I have as much as anyone over analyzed the possibilities of why we have no visible progress.
Regards
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