NOTE 22 – SUBSEQUENT EVENTS

On December 9, 2012, the Board of Directors of AMAK authorized the issuance of additional shares in an amount equal to ten percent of the then outstanding shares in AMAK to raise funds for working capital requirements and retirement of construction debt.  On January 11, 2013, we entered into an agreement with AMAK to purchase an additional 937,500 shares of AMAK at 30 Saudi Riyals (USD $8.00) per share, for a total of USD $7.5 million.  Payment was made January 11, 2013.  As a result of this purchase, our ownership percentage in AMAK will become approximately 35.25%.

On February 1, 2013, we entered into an investor relation's consulting agreement with Genesis Select ("Genesis").  As partial payment for its services, Genesis will receive a warrant for 100,000 shares of common stock of the Company at a strike price of $10 per share.  The term of the warrant is 5 years with 50% vesting over the first year of the agreement and 50% vesting over years two through four.