TNC 0.00% 1.2¢ transol corporation limited

laos laos laos ...dartboard wins...

  1. 7,761 Posts.
    Dartboard has had a win with the ASX in getting TNC to disclose more information on the spending of the $675,000!!!


    Notice today:

    Annexure to Appendix 4C September Quarterly Cashflow Report.
    At the request of the ASX, the company provides the following information to the market to clarify certain items presented in the Appendix 4C September Quarterly Cashflow Report.

    During the September quarter, Transol Corporation Limited acquired all the shares in Liberty Mining International Pty Limited for $150,000 cash plus 20 million ordinary shares and 10 million options (exercise price of 2 cents and expiry date of 31 May 2011).

    In addition to the acquisition price of $150,000 (as reported in Item 5 of the quarterly report), Transol incurred $23,000 in legal fees associated with due diligence carried out on the acquisition of Liberty Mining. These additional costs were not part of the consideration paid to the vendors but formed part of the capital cost of acquisition.


    Further, the exploration costs incurred by Transol during the September quarter in respect of the activities undertaken by Liberty Mining, and as reported under item 1.13, are as follows:

    Exploration activities associated with field work in Queensland (Archer River) $ 80,200

    Exploration activities (including Cambodian operation expenses, and new project development and assessment in South East Asia, China and Mongolia) $420,000

    Assessment and due diligence costs, license application fees, data acquisition, purchase of contiguous license areas, plant and equipment purchases for Andong Bor and new areas of interest in Cambodia $174,400

    Exploration activities in Cambodia included geology and geological services: stream sediment sampling, rock chip sampling, soil sampling, mapping, assay laboratory expense, data acquisition, UXO and land-mine clearance activities, field operating expenses, tenement fees and rent charges (on Liberty Mining’s exploration leases), wages & salaries & training for local personnel and ex-patriot management, helicopter expenses, Cambodia office and vehicle operating costs, travel and related expenditure both in South East Asia and to/from Australia by senior management. Liberty Mining also undertook preliminary due diligence on potential mineral exploration licenses in Laos, China and Mongolia.

    The Company also advises that a proposed investment of $630,000 disclosed in the
    February 2007 prospectus and which related to the possible acquisition of an exploration
    license in another South East Asian country, has not eventuated.

    .........end copied text

    After a lack of disclosure on the company's part as to how the money was spent, the authorities - the ASX have now made them 'fess up as to how it was spent... and guess what.... Laos, China & Mongolia!!

    No wonder these guys want to get set.

    Thanks Dartboard!!

    Cheers,
    Tangrams

 
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