Direct Holding we already earned 100%
The Indirect Holding is what I've been calling the voting shares
This is only given to us once we give Teck the Feasibility....now you wonder why Feasibility is delyed it's delayed...
Teck does not want us to get the Indirect Holding and for some reason CUU is ok with that as they are holding back what would give us the Indirect Holding...the Feasibility.
Now WHY ???
I understand why Teck wants to keep, if they lose it , they lose control, voting power, they must then earn in their share by spending 100% of the expenditures, all under a clock.
At that point CUU could just sell to someone else, voting shares included, and Teck woul dbe in a very bad position.
What I don't understand is why CUU is cooperating....and there is only 1 reason for that.
Until we find out, we do have other signs: Shipping port reserved, land acquisitions, Insider buying 64% float, Insider financing, Elmer on Liard board, delays delays, delays, no Titan report, options still not exercised,......
==========
It's written black on white:
1.1 (b)
Salazar may acquire the Indirect Holding at any timeafter incurring the $5,000,000 in Expenditures contemplated in 1.1(a) by completing a Positve Bankable Feasibility study and delivering the Feasibility Notice contemplated in 5.4
3.3
Upon the date Salazar delivers the Feaisbility notice as contemplated in 1.1(b) Salazar shall have earned 100% of Teck Cominco's interest in the Indirect Holding subject to the Back-in Right described in 7 wherupon Teck Cominco shall then transfer it's interest in the Indirect Holding to Salazar
And if you read CUU's Obligations before we complete Feasibility in point 5, you wil understand that Teck knows everything
5.1
c) permit Teck or it's representatives access to the Property at all reasonable times and to all records prepared by Salazar in connection to the work done on or with respect to the property and furnish Teck with any curent reports and information on any material results obtained;
e) present work programs for Teck Cominco review and comment;
f) seek Teck Cominco approval for major engineering firms , contractors and consultants to be used on the Property;
