Jameson Resources has reviewed its portfolio of coal properties in Canada and concluded that the cost of retaining the Dunlevy project – in terms of remaining shares to be issued as compensation to original vendors - cannot be justified.
An additional consideration of 6 million shares was to be issued in accordance with the terms of the 2011 Dunlevy acquisition agreement. Jameson has announced that the three Dunlevy vendors have agreed to accept a significant reduction in the remaining compensation.
In June, 300 000 shares will be issued, followed by a final 300 000 shares in June of 2016. A total of 600 00 shares.
The original Dunlevy vendors agreeing to the reduction has allowed Jameson to retain Dunlevy in addition to other key holdings in northeast British Columbia: the Graham River, Peace Reach, and Carbon East projects.
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcoal.com/coal/29052015/significant-reduction-dunlevy-acquisition-costs-2343/