Brilliant Resources, (BLT-V) Feb 11, '15 announces that it has received, from the government of the Republic of Equatorial Guinea, a payment of approximately US$10.64 million towards the first installment payment of US$11.5 million owed to the Company under the terms of the agreement reached with the Government pursuant to which the Company has agreed to relinquish all its rights and interests under the Exploration Services Agreement with the Government.
As disclosed on January 22, 2015, under the terms of the agreement reached between Ivory and the Government, the Government agreed to pay Ivory US$31.5 million in cash in three installments: US$11.5 million payable on January 29, 2015; US$10 million payable on February 28, 2015; and US$10 million payable on March 30, 2015. We have been informed by representatives of the Government that due to currency fluctuations and having to convert the funds from local currency to Euros and then to US dollars the funds ultimately received by the Company with respect to the first installment were inadvertently less than agreed. Representatives of the Government have stated that the remainder owed in respect of the first installment will be paid when the second installment is made. Accordingly, the second installment payment due on February 28, 2015 is expected to be approximately US$10.86 million.
For further information about Brilliant Resources Inc. or this news release, please visit our website www.brilliantresources.com.
Brilliant Resources Inc.
Courtenay Wolfe
416-505-8555
info@brilliantresources.com
www.brilliantresources.com |
