Sunshine announces definitive joint operating agreement for Muskwa and Godin areas
Calgary, Alberta (October 20, 2013) and Hong Kong (October 21, 2013) – Sunshine Oilsands Ltd. (”Sunshine” or the “Corporation”) (HKEX: 2012, TSX: SUO) is pleased to announce that it has signed its previously announced joint operating agreement (“JOA”) with Renergy Petroleum (Canada) Co., Ltd., (“Renergy”) an affiliate of Changjiang Investment Group Co., Ltd. (“Changjiang”) with respect to the Corporation’s Muskwa and Godin area oil sands leases (“Leases”). Excluded from the JOA are all of Sunshine’s oil sands rights within the carbonate formations contained within the Leases.
Renergy will operate the assets under the JOA as the Operator. In return for a 50% working interest, Renergy has agreed to fund 100% of the initial joint operations conducted on the lands up to a maximum of CAD $250 million (the “Commitment Cap”), which funding shall be deployed at the discretion of Renergy, as Operator, until the earlier of the point when (i) the sum contributed equals the Commitment Cap or (ii) average daily production from the lands over any 20 consecutive days period equals or exceeds 5,000 barrels per day (the “Production Target”).
The working interest transfer is not expected to result in any accounting gain or loss due to the accounting treatment of the transaction.
The JOA sets an outside date (the “Outside Date”) where the first planned phase of discrete operations (“Phase One”) shall be deemed to end if either the Commitment Cap has not been reached or the Production Target has not been achieved, which date is the earlier of: (i) three years from receipt of all required regulatory approvals in respect of Phase One; and (ii) six years from the date of the JOA; as may be extended by events of force majeure.
In the event that the Commitment Cap or Production Target is not reached by the Outside Date, Renergy’s working interest shall be reduced to that percentage obtained by multiplyin
A 14 BILLION DOLLAR LAWSUIT BY SMARTMETERIC WAS VALIDATED AND NOW MOVES ON TO APPEALS IN THE HIGHER COURTS CAN MEAN TROUBLE FOR BOTH VISA AND MASTERCARD..We all expect settlement offers coming. The patent is very clear....
SMARTMETERIC LAW SUIT CAN BE TROUBLE FOR VISA AND MASTERCARDS NUMBERS..THE PATENT IS CLEAR... THEY NEED TO SETTLE..
NEW YORK, NY--(Marketwired - Oct 18, 2013) - SmartMetric, Inc. (OTCQB: SMME) - Speaking today from New York, SmartMetric™, Inc. President & CEO Chaya Hendrick said following a hearing on August 25th, 2013, SmartMetric, Inc. the owner of issued patent "464" that is the subject of a patent infringement case claiming $14.5 Billion against both Visa Inc and MasterCard International by SmartMetric, Inc. for patent infringement and damages, has filed in the Federal Appeals Court an appeal against the courts ruling of non-infringment by Visa Inc. and MasterCard International. The same court ruled against a motion by Visa and MasterCard to have the patent ruked invalid. So it stabds that SmartMetric's "464" patent is a valid patent.
Fingerprint smart card infringement suit to go to court on 14 billion suit.. JPM better check it out and get these guys to settle out of court.. Patent is clear and to the point this technology belongs to SMME.. dang visa mastercard what were you thinking..
SMME gets to take visa and mastercard to court on infringement of their patent fingerprint smart card, and want 14 billion from both... Visa and Mastercard better settle this must not go to court.. The technology belongs to SMME... Its clear and to the point on the patent.
SMME gets to go to court on visa & mastercard lawsuit.. $13 billion infringement suit on fingerprint smart card.. Visa & Mastercard better settle and end this before court hearings..
If their investment financing goes through everyone will retreat on their "how bad the company is " post. the problem with their first financial investment finance round was the terms the banks wanted on the line of credit. The banks wanted a crazy deal. so the mine said 'no', and moved on to find a better deal. Its the greedy banks, and the regulations from our current administration that is hurting this industry. Solar, and wind are fine, but until you understand them you havent done the proper DD. I've seen the solar fields, and wind farms in California, and i can tell you they are subsidized big time... The wind mills make electricity, but the electronics and machinery that run the mills runs negative most of the time. This is the biggest misconception from wind farms. Solar farms have issues about getting onto the grid because of the enviromentalists not wanting wires, and/or towers (paid for by utility companies to slow down deregulation, and solar ). Yet the big solar farms get huge subsidises from big government, and force the hands of the utility commision.. Its a big red tape circle one hand feeding the other. So as far coal, cheap, reliable, and abundant its a workable commodity that can be cleaned up if they focused on it..What i see is greed taking place with a PR smear campaign on coal. They want an exchange to get rich, if you own an exchange youll never worry about money, how you ask? Look stocks are on an exchange, commodities are on an exchange, Healthcare is going onto an exchange, clean air credits are going onto an exchange. This is how they will get rich, by building exchanges, and charging for the transaction. Its greed with smear campaign tactics. Use the money to clean the tech correctly, and create good jobs. Help these guys get financing, and regulate correctly. MHO