TXR8 Nov 2010 19:15
From rns:
"The Company wishes to thank the Government of Sierra Leone for its positive approach in resolving this matter quickly and amicably. This Agreement strengthens our partnership with the Government and ensures we are fully aligned in developing a strong SRL. The Company can now focus its efforts on expanding production and developing its assets towards their considerable potential."
On August 20, 2010, the Company announced that SRL and the GOSL were in a dispute over certain interest payments due to the GOSL on a loan made by the GOSL to SRL ("the SRL Loan"). Discussions between SRL, TRG, TRG's largest shareholder, Pala Investments Holdings Limited ("Pala"), and the GOSL have successfully resolved the matter, subject to the completion and signing of definitive documentation.
Definitive documentation is expected to be executed in the course of the next few weeks, at which time, the new shares will be issued to the GOSL and any actual or alleged events of default under the SRL Loan will be cured and the SRL Loan will be in good standing.