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Tanzanian Royalty Exploration Corp. Message Board

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  • so_much_for_the_fundamentals so_much_for_the_fundamentals Aug 18, 2011 8:10 PM Flag

    Now they're restating financial statements!

    So ... are shareholders to consider that this is "nothing of consequence and ... completely irrelevant"?

    "On February 1, 2011 the Audit Committee approved a waiver of the Company' Code of Ethics
    and Business Conduct (the "" with respect to entering into a loan agreement (the "
    Agreement" with Joseph Kahama ("" the Chairman and COO (Tanzania) of the
    Company, providing for a six month loan from the Company to Kahama in the principal amount of
    US$100,000 on arm' length commercial terms, bearing interest at the prime rate charged by the
    Company' bankers, determined monthly (the "" The Board approved the waiver of the
    Code in connection with the Loan and entering into the Loan Agreement with Kahama on
    February 1, 2011. Kahama has confirmed the repayment of the loan principal plus interest on or
    before August 1, 2011. There were no loans made to Kahama during the three month period
    ended May 31, 2011.

    During the nine month period ended May 31, 2011, US$7,200 was paid to a company associated
    with Kahama for office rent. During the three month period ended May 31, 2011, Tanzania office
    rent in the amount of US$2,400 was paid to a company related to Kahama. The rental rate
    charged to the Company is at the prevailing market rate."

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