Blackwood Corporation (ASX:BWD) has banked $12,000,000 as settlement from Nathan Tinkler and and associated companies enabling major shareholder Noble Group to be repaid and to continue exploration.
Noble had increased and extensed the loan facility.
The share placement agreement has been terminated with no shares issued under the SPA and the parties are released of their obligations.
All legal proceedings against directors and the former company secretary of Mulsanne Resources and freezing order application are to be dismissed by consent orders.
A re-focusing of the flagship asset at South Pentland, which has utilised the wet ground conditions in the north to expand the focus across the portfolio has occurred as a result.
Preparation continuing for resumption of exploration activities at flagship South Pentland project.
Blackwood has now commenced or completed exploration on 14 of its 17 granted projects.
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