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The court is being generous to the banks, because of covid I guess, allowing more time. In the same breath I think they are saying the project will continue regardless of the procrastinated handling ( by the legals?) .
Would be great to see court seize the 10 % retention and hand it to a local cause.
And we've made it in to Dry Bulk Magazine! Top story too.
https://www.drybulkmagazine.com/
We'll be on HIGNFY next haha.
Indeed @EV. It's not called a "final settlement" for nothing. ;-)
I take from this ruling that the courts are confident in sign off soon because I believe the courts would have issued a subpeona to the banks and investors if they weren't.
the 10% is key… that’s what the courts are reserving on account for the banks… that will only be released to them once the settlement completes… the longer they take… the longer they wait for their cash…
there right to challenge this ended last year - they can only argue maybe finer points - but lets face it as RNS suggests nothing is materially different ( because it cant be ) so having faffed around for 10 months - the signatures imo cant be that far away at all.
Indeed @EV, as this implies that $9m of the new $10m is for DEV to do with as they please (within reason I'm sure!), whereas I'd previously hypothesised that due to lack of detail in the courts it was likely to stay on the balance sheet.
===[
The net profit from the sale of the iron ore will be used primarily for commissioning studies, capital projects and working capital. As per the First Permission, 10% of the net profits will be reserved for payment against the amounts owed to the secured bank lenders ("Bank Creditors").
]===
Although it isn't crystal clear what that first sentence is referring to - it could be in relation to the first $9m net, with the use of the second $9m net undisclosed in the RNS.
Indeed, I would imagine that the date on the other case may be pushed back to accommodate but all of these things lead me to believe that sign off is still expected to happen. I wonder if we may get an update on that in the next RNS or via the courts.
The thing to look out for is, do the banks challenge this and if they don't they have surely will be signing on the line.
The judgment is needed because obviously ships need to be booked in advance and workers contracts which may be ending in July need extending etc.
We are likely still very close to formal sign off and this is of course another nudge to the banks to get it done.
exactly my thoughts - clearly a court approval to ship further $10m of iron ore isn't good enough -
clearly very good news and more to come on 2 or 3 accounts
@EV. I'd love to know @Kiran's definition of "soon" and how it relates to "imminent". LoL. Presumably the 15 day update in the courts we are waiting for is unlikely to be the big one if this is true: "at the time of writing, the final settlement is currently with the Bank Creditors for comment and/or approval.".
Add my thanks as well EV,some great research,maybe you should be on the BOD,you seem to be well ahead of the game.Keep it up.
md38 - totally correct ! Another non-RNS sadly .
EV/ it is just that l would of liked to see 40p, lol
@maddog they had to rush this one out it seems, since we already knew!
"A separate update as to the operational progress will be published soon."
Hats off to you EV, who needs RNSs when we have researchers like yourself.
EV/ the rns is no more than we all ready no , l can not see why the bods could not of added more info..G/L
Approval of the Shipment of a further net US$10 million of Iron Ore from the Amapa Project.
Cadence Minerals AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A ("DEV") has been permitted to export a further US$10 million (after the deductions of all logistical, regulatory, shipping and sale costs) of iron ore from its stockpiles situated at its port in Santana, Amapa, Brazil ("Second Permission"). This authority is in addition to the first permission granted to DEV on 10 February 2021, in which it was permitted to ship an initial US$10 million, net of costs, of iron ore ("First Permission").
In August, DEV is scheduled to complete its fourth and last shipment under the First Permission; the four shipments of 58% beneficiated iron ore has netted approximately US$10 million to DEV. On completion, DEV will begin the shipments to fulfil the Second Permission.
The net profit from the sale of the iron ore will be used primarily for commissioning studies, capital projects and working capital. As per the First Permission, 10% of the net profits will be reserved for payment against the amounts owed to the secured bank lenders ("Bank Creditors").
A separate update as to the operational progress will be published soon.
Cadence Interest in the Amapa Iron Project
As previously announced, in early September 2020, we announced that DEV Mineração S.A's ("DEV"), Cadence and Indo Sino Pty Ltd ("the Investors") agreed in principle to the settlement terms proposed by the Bank Creditors. The principal commercial terms agreed in 2020 have not varied materially, and at the time of writing, the final settlement is currently with the Bank Creditors for comment and/or approval.
The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence's remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.
no reason for them not to sign it now and we can get on with things -
"A separate update as to the operational progress will be published soon."
Told You so! lol