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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: Brian MacDonald who wrote (499)2/15/2000 8:55:00 AM
From: russwinter  Read Replies (1) of 922
 
It appears because Obusai is a leasehold rather that a tenured and titled property, that a receivership and transfer would occur fairly quickly. That's good in that doesn't freeze the asset forever. The question Birim would need to look at is how would their contract be viewed in the property transfer(s).

Gov. of Ghana would probably find a new lease holder, and most likely the Birim contract would go to them. I guess it depends how the lawyers wrote up the deal. Perhaps there is a clause that would give BGI the right to approve any new entity. My guess is probably not since they received 1.5 million up front. The question would be the rest of the payment while this was going on. Is there a deadline? And does BGI have an escape clause if there is a significant delay?
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