Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Until AAOG cash runs out.
Sarah "hasn't got a clue" Cope is obviously still "perfecting that security"
"Further to the announcement of 6 January 2020, the Company confirms that it is currently perfecting the security to be granted to Zenith Energy Ltd ("Zenith") pursuant to the loan agreement between the Company and Zenith. This requires the re-registration of Anglo African Oil & Gas Congo S.A.U as a "multi shareholder" company in the Republic of the Congo, which is an administrative legal process. Accordingly, the Company has not yet drawn the £250,000 available to it pursuant to that agreement but is confident of being able to do so in due course. A further announcement will be made once the security has been perfected and the loan has been drawn."
In the meantime, and following receipt of monies from Forum Energy Services Limited as announced on 20 January 2020, the Company has sufficient cash to continue trading until the end of March absent the loan from Zenith and any unforeseen valid claims."
So neither AAOG nor Zenith bothered to do DD on this key aspect of re-registration of Anglo as a "multi shareholder" company. As the funds are utterly material to AAOG staying in business longer I find that difficult to believe. Its now been over 6 weeks to "perfect" this legal regulatory process.
Zen RNS of Jan 6th alluded to an expectation of delay pending Minister consent:
"The Facility will for an initial period of 6 months from January 25, 2020 and may be extended by a further 3 months if completion of the Acquisition (which following the approval the General Meeting would be conditional, inter alia, upon Ministerial consent in the Republic of Congo) has not occurred. "
Even if all the paperwork was done, Zenith are hardly in a position to loan £250k to another micro cap. They are still owed $700k in production revenue form Azerbaijan, outstanding for months and maybe a key reason to bail from there yesterday. They have also had multiple placings recently to top up their funds, £135k in UK, £165k in Norway and another private placement of £935k.
Despite the loan being payable regardless of disposal having occurred, that money is never coming to AAOG.
Also if you read the Zenith bb, all the CEO promises made in Azerbaijan are now dust, just as the Congo promises will be proven to be so aswell.