From LIR's previous NR.
"The potential return of the claims on the Lamêlée property acquired from Fancamp Exploration Ltd. ("Fancamp") on September 16th, 2013, ("the Claims"), which is a non-arm's length party and, at the sole discretion of Fancamp Exploration Ltd, the return for cancellation all of the Lamêlée Shares it owns.
The potential return of the Claims may be required if Lamêlée is unable to make the advance royalty payment on June 30, 2016 since, in such a case, Lamêlée would be in default and will have the contractual obligation to return the Claims to Fancamp on the due date. Fancamp has informed Lamêlée that in order to support Lamêlée's management initiatives to restructure the company, Fancamp may decide to voluntarily return all of its Lamêlée Shares for cancellation, even if the operations of Lamêlée continue afterwards. Such reduction in the number of issued and outstanding Lamêlée Shares will make Lamêlée more attractive for potential partners who seek a public company structure for their own project and would be more fair for the remaining shareholders.
Should Fancamp, on its own initiative after the share consolidation, voluntarily return all its Lamêlée Shares for cancellation, then the approximate number of outstanding Lamêlée Shares will be a minimum of 2,391,948 Lamêlée Shares (or 2,458,659 Lamêlée Shares if the Debts (as defined hereinafter) are converted into Lamêlée Shares."
Have a good long weekend everyone.
Terry
