The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Also - worth noting that The RTO assets evaluation could have been since two new directors appointed on March 19th, with some shortlisting to one project in the interim being completed by them.
So a technical expert in geology/metals and minerals and a strategy/finance/deal making expect, all they need for RTO asset evaluation.
"Dexter Ferreira is appointed Non-Executive Director. Dexter has worked in the natural resources sector for over 25 years, namely as a consulting mining engineer and geologist. He is currently a director of Independent Resource Estimations, a consultancy company for the mining and exploration market. Mr Ferreira holds a BSc Geological Sciences, a BEng Mining Engineering and is a member of the South African Council for Natural Scientific Professions (SACNASP).
Tania Maciver is appointed Non-Executive Director. Tania is a knowledgeable global finance professional with over 20 years of buy and sell side experience across many industries, successfully assisting companies with corporate strategy development and capital structuring. Tania is currently COO and Research Analyst at SP Angel Corporate Finance LLP. Tania holds a Masters in Finance, an MBA with Finance Specialisation, BA Economics and BSc in Life Sciences."
We know that a statement was made May 4th that AAOG had 5 months of funding:
"With the consideration received from Zenith for the disposal of AAOGC, the Company has sufficient resources for at least the next five months."
June 11th new Riverfort funding - no other normal costs, so must be for paying consultants/costs related to due diligence as Truthfactory outlined, they need to show ability to pay.
"First drawdown of £160,000 to be advanced to the Company today" - to pay initial consultant retainers and company DD costs
"Further drawdowns of £100,000 per month (the "Drawdowns") to be mutually agreed between the Company and the Lenders up to the Commitment Amount;" - only a month by month basis until asset is taken over - but not payable for a year - RF would have needed to see proof of ability to pay, which Forum must have provided - bank balance for RTO asset and funds for that in place.
What happened in the interim period from May 4th to June 11th could be that an RTO asset may have been shortlisted and they are now finalising due diligence.
How long to complete due diligence for an asset? could be upto 2-3 months normally, allowing for travel to country, so this process has been delayed, flights just opening up, countries allowing travel only really last few weeks.
So an estimated timeline could be:
Before end of May - RTO Asset shortlisted - Forum DD commenced
Around June 12th - DD consultants retained using Riverfort funds
Assume takes two months to complete DD = end July onwards news may be expected.
Forum wont break cover until a deal is in the bag and their new CEO joins with that asset in his pocket.
Irishmouse,
Yeah like Cobra lol.
A disappointing lack of news , thus far.
Hope rings
Best of
If/when we do a RTO please don’t let it be in Africa and preferably not oil or gas. A nice gold mine in Australia would be just fine.