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."