Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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agreed
well, plenty of demand still. can sell 1.5mn without NT.
yes it will!
This time next week we can officially calculate the wait in months. Will it be worth the wait. No idea what so ever.
Ophidian
I do not believe the Co has any "left over" authority from the cancelled October element of the Colva deal, otherwise why would they say in December that all authority had been used?
I did not see anywhere that the Co has authority to buy its own shares in the open market.
It's a minor issue but If I was offering $100 million of a RCF, I would want it cleared up properly at a general meeting, not through the skulduggery of a director transaction.
You got me Googling "Occam's Razors". I realise now that I already knew them! Ok, eco friendly approach... "One in the bush, is better than two in the hand".
"I agree - you'd think this was perceived and kill two birds with one stone."
That will do nothing for the Company's ecology credentials. Two Occam's Razors is more benign.
@Slinkyfink - I refer you to my message of 20 Jan 2020 at 15:18
Ophidian
I agree - you'd think this was perceived and kill two birds with one stone.
Sorry to make you stutter Ophidian ;)
you are all of course forgetting that inspite the fact that they don't need a full 2 million shares (there are some left over from the cancelled element of the original Colva deal) They have both the cash and the authority to buy two million shares in the open market should they really be that desperately in need of them. Additionally - don't you think that they knew full well what their situation was and didn't blindly box themselves into this perceived corner. I agree with our friend William of Occam why come over to the UK twice when you can simply come over once.
Ophidian
Ophidian
perhaps Gobind will transfer some of his own shares over to Colva?
I don't think the 'overhang' of 2 million shares is likely to be holding up the revolving credit sign off. It's a mere £40k. If it was a real problem and I was GS, I'd lend them 2 million of mine as there is Zero chance of the resolution failing to pass.
There is more than enough authority in the AGM resolutions to deal with the Colva obligation, so immediately after the AGM, the Company will issue 2 million new shares and award them to Colva for services rendered. There is no immediate need for a cash placing, despite what Doc Holliday says. IMOI
Interesting... So from a simpletons perspective how do you think that would that impact on a placing?
And I think that oversight of the 2 million shares is impeding the due diligence on the revolving credit facility. It might be all agreed subject to the AGM resolutions being approved, but it will not be announced before 7 Feb IMO. The House of Cards needs an actuary on board.
Exactly what I said on 17th Jan @ 10.50 :)
I think Occam’s Razor applies here. The Company has simply run out of authority to issue new shares, and it needs to issue new shares to satisfy a contractual obligation on 1 March 2020. Perhaps an oversight that needs a remedy before that date? Such as the 7 Feb 2020 AGM?
On 17 Dec 2019, the Company stated, after a placing to pay for the warehouse facility…
“The Subscription Shares will, rank pari passu in all respects with the existing ordinary shares and following the issue of the Subscription Shares the Company will have utilized all of the currently available authorisations it has to issue shares for cash.”
So it could not issue any more shares without a general meeting approval.
Then on 30 Dec 2019, buried deep inside the annual report the Company said….
“On 21 October 2019, an agreement was reached by the Company to suspend the share purchase agreement in respect of Colva, with effect from 1 October 2019. In replacement of this agreement, the Company will issue 2,000,000 shares on 1 March 2020 to Colva for continuing services provided, subject to certain conditions being met.”
So they are 2 million shares light on their obligation to a key partner in this complex scheme. They have to find those shares before 1 March 2020. Hence the early AGM.
No need to look for any other explanation IMO.
Well let's hope the team are in london to sign this deal and why they have moved the agm so they can kill 2 birds with one stone, or else why move the dates unless there is other reasons???
Only thing slated today is you John