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Suit yourself. Carry on with your theories. Logically, finance on this scale will not be left to this late hour. Valkor will have it arranged months ago. TOM will have taken no part even as a 50% partner in Greenfield, except agreeing to it. Finance is arranged by Greenfield, not TOM. Try and think logically.
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Thank you minimal…someone finally talking sense. I don’t understand why anyone would believe anything said on a online message board from anyone claiming to know things that haven’t been Rns’d… the sheep on the other site seems to follow this Damac poster as if he is some Tomco Messiah… fact is, without updates from the company, nobody knows about funding yet
@JoeYangtze - I would love to believe you but without the news to support it...well err..? I am sure any perceptive lender(s) would want to have some solid collateral i.e. for instance - The land in question contains enough product to process commercially (DD should address this); the plant will be built within budget and time frame; customer contracts in place to sell the oil and cleaned up sand. I am sure this is all going on behind the scenes . Like many I await the news on the DD progress and funding from the company itself via the RNS platform, not your word without foundation - no offense intended.
JP is incapable of writing a sensible rns. If they are still looking for funds at this late stage he should not be CEO. All the work is being done by Valkor, who have the connections in the USA. Stephen Byle who owns Valkor is a very successful businessman, based in Texas. There will be no placing. The DD on the lease is the final piece of the jigsaw. Relax.
@Craggs - you are correct - RNS states that Greenfield are sourcing funding options (not have it already). I do not know where other posters are getting information that funding is already in place. They have the opportunity to produce this information, so I would look forward to seeing it. My posts yesterday still stand and are based on factual RNSs + my assumptions which are clearly stated.
'Conditional site purchase arrangement' RNS from 9th June states:
"Pursuant to the terms of the Agreement, Greenfield has paid a non-refundable deposit of US$200,000 to secure a 90 day period to undertake due diligence and an exclusive option for up to 120 days to acquire an initial 10% of the Membership Interests . Greenfield can exercise its right to acquire an initial 10% of the Membership Interests for cash consideration of US$2 million (against which the deposit shall be credited) on or before 1 September 2021. Following completion of the acquisition of the initial 10%, Greenfield will then have an exclusive option, at its sole discretion, to acquire the remaining 90% of the Membership Interests for additional cash consideration of US$15.25 million, if acquired on or before 31 December 2021, or US$16.25 million if acquired between 1 January 2022 and 31 December 2022. Greenfield has the right to unilaterally terminate the Agreement at any time during the initial 120 day period from its execution for no penalty save for forfeiting the upfront US$200,000 deposit. The Agreement also contains certain commercial and other representations and warranties between the parties customary for a transaction of this nature.
There can be no certainty that Greenfield's due diligence exercise will be satisfactory or that the required funding can be secured to complete the acquisition of a 100% Membership Interest and further announcements will be made as and when appropriate."
Therefore, assuming that all is well with due diligence, Greenfield will be looking to purchase the initial 10% of Tar Sands II by the 1st September. The money required for this is already in the bank and waiting to be used, no funding is required for the initial 10% purchase. The remaining 90% can be purchased anytime before 31st December 2022.
This is where you have to apply logical thinking, something the clowns on the other thread are incapable of.
Ask yourself the question....If you were controlling Greenfield, would you spend $1.8m purchasing 10% of Tar Sands II without knowing that you have an agreement in place for the follow on funds to construct & commission the plant? If you would, it would be a very large risk to take and not one that I think anyone in the Tomco/Valkor set up would consider.
Therefore, that is why my opinion, expectation, gut feeling (call it what you want) is that the 10% of Tar Sands II will not be purchased without agreement in place for the follow on funding. In my opinion, if Greenfield make the 10% land purchase by 1st September then it can be taken as read that the follow on funding has been agreed. The follow on funding may not be announced by 1st September (for whatever reason) and as such it would be stretch to assume that Tomco/Valkor/Greenfield has failed
Minimil, read Damac on advfn, then you will have the derails on the funding, and you need not bother with hypothetical funding/profit targets. Greenfield have been working on this for months. A bit late to start now with trying to get funding within a month. Relax it is all in hand.
I thought I would start a new thread as this will be key to where the SP goes before year end. One box has already been ticked i.e. successful FEED, trials, and above all it's a commercial project. Whatever anyone's thoughts on Greenfield the fact is that it is a 50/50 JV between Tomco and Valkor. The second box to be ticked is the DD on the land and this has been clearly defined in previous RNS including costs and the timelines. Greenfield will be in a far better position to secure loans for the $126,000,000 project once a positive DD report is issued. The interims RNS is a little misleading because it talks about a 10kbbl/day plant then goes onto the penultimate para “As at 21June 2021, TomCo had approximately £1,390,000 of cash reserves available to it. The Board believes that the Group has sufficient funds to cover its expected and normal outgoings for the next 12 months. However, we anticipate needing to raise additional funds in the event a decision is made to exercise our option to acquire the abovementioned site and commence work on our first full-scale oil sands plant and related matters. The contractual balance due if Greenfield was to assume full ownership of the site via TSHII is up to approximately US$16 million (dependent on the timing of the option exercise) and, at this stage, we envisage that Greenfield would require funding in excess of US$110 million for the construction of the first plant, the vast majority of which it would seek to finance by way of debt. Should Greenfield proceed with the acquisition, TomCo will work closely with its joint venture partner to explore the most appropriate financing solutions for the requisite funding.” From 27th July RNS we now know that Train 1 is for 5000 bbl/day costing $110,000,000.