We should have enough money for the short term. We should also receive cash from the warrants by end of Feb. Maybe ACI's accountants have taken an extended holiday, give it another week or so and we might have the money in the bank.
This is from the 29th Dec RNS, if I am reading it right, the granting of the licence transfer needs to happen first before we pay. It does say in the RNS that we are expecting the first draw down imminently from ACI, so what's holding up the money? Ministerial approval, ACI, or both??
In August 2016, we entered into a 60 day exclusive option agreement ("Exclusivity Agreement"), with Bushbuck Resources Limited of Zambia ("Bushbuck"), to acquire its Large Scale Prospecting Licence 19653-HQ-LPL ("Star Zinc") in an area to the immediate north of Lusaka, Zambia, for a total cash consideration of US$1 million plus taxes, conditional upon, inter alia, satisfactory completion of due diligence and the granting of Ministerial approval to the transfer of the licence.
It could be the case but maybe we only need to pay once the Zambian authorities have transferred the licence over. Maybe that's what ACI are waiting for. Perhaps then they will give us some more money which is to be used for long-lead time equipment. If that's the case we could do with the cash ASAP so we can order what we need and crack on!
Don't forget silver is also present at Kashitu, would be nice if we uncover a shed load of zinc & silver here. It wil all add to the value and revenue for BMR. Let's hope it brings us a load of Kash & no s*** haha!
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