Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Hi O&W, I was originally in this during the six month suspension for the RTO and was extremely confident during that suspension, but ended up getting burnt. I missed out on VRS at 13p and Eco at 18p so I was very frustrated.
During this time I conducted a significant amount of research and found the prospect of the takeover extremely compelling especially when the revenue of the company Was well insulated from oil price fluctuations.
I left to join the VRS and ECO rollacoaster and now I am back with an average of 24.5p as ministerial consent for me was the main hurdle.
That said hope it does complete this time just can't spin this as a positive.
All you can really say is that you hope it is though isn't it? After all how many times has he told us this deal will complete at the end of the next quarter?
If the market believed strongly they wouldn't have needed Yorkville they could have got the funds from a safer source (ie no danger of heavy dilution)
Too right Div. I am one of those waiting very very patiently for my pay day here! I take it you have not been here so long.
I am shocked at some of the negativity on here, I suppose a lot of you were in this from the original suspension and have been promised completion before, but it’s happening, and now more than ever.
For me this is fantastic news.
The sting in the tail of this arrangement is, of course, that if the $5mn is still outstanding on January 17th 2020, imagine what price the equity conversion will take place at then. It (the Transaction Completion) had better bl00dy well happen this year!
A final thought from me. Given that MM's have been keen to keep the sp under control and sit on it lately I would not be at all surprised if there was an early morning push down providing a buying opportunity for a short period. Call me cynical and I may be wrong but we'll see!
Looking back at AK's interview on 30 Sept he said that he was 'very confident' that 7E would complete, that issues were 'mostly procedural' and that 'liquidity to get to 7E close was straightforward to finance through incremental loan notes as required' (also said this at AGM I understand), and that there are 'no significant barriers to get this transaction closed' - just timing issues as we have seen. I'm content with that degree of reassurance.
IMO Significantly reduces the risk of further dilution, the taxes/fees of £10m are due on 18th November, if the deal was likely to go beyond that date I think the total loan facility would be for more than £10m. The only significance of the 17th Jan date is the end of a three month facility.
This RNS is exactly in line with what AK has said in recent months ie that SAVP would be able to access (and likely require) some debt funding (I think $10m was mentioned) if the 7E transaction concluded in Q4 whicih is still the 90%+ outcome as far as I am concerned. The interest rate is not high and reflects the minimal risk seen by the funder set against future cash flow prospects. Whilst as a shareholder I'd like the RTO completed today I remain relaxed about it completing in Q4. Some PI's may wobble but in my view I can't see areason to do this. 7E is still largely backed by World Bank and other guarantees and has had early sign-off in the new Presidency. Yet again more patience required!
With a maturity date of the 17 January 2020, the company expects the planned completion of the Seven Energy Transaction (expected to occur significantly in advance of the Maturity Date), when, as confirmed in previous announcements, the Company expects a cash inflow of US$74m.
For me, significantly in advance suggests we are weeks away from completion and the market and company are fully aware of the 90 day tax payment from ministerial consent which is 4 weeks away this coming Monday.
All funding requirements and concerns around dilution are now gone. Today is a good day.