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It is CE. No mention of XTR.
And the company register: https://connectonline.asic.gov.au/RegistrySearch/faces/landing/panelSearch.jspx?searchText=619426952&searchType=OrgAndBusNm&_adf.ctrl-state=s0gafwvkw_15
Hello H5O,
Is that frank exchange not about Galileo?
It would appear Tom Winnifrith is not happy, his bear cast is headed 'a frank exchange with Colin Bird'
Perhap's Bird will podcast today.
@Leo sayer - good research, could you share the link/reference so I/we can take a look?
Thanks in advance :)
Gixxer
Xtr have agreed to settle outstanding liabilities, I.e directors loans - that means the directors have loaned the company money and XTR have agreed to settle those loans, I.e pay the directors back...
I’d suggest you might need to understand the RNS before you throw around slanderous comments.
Blueballsnall, that's incorrect. I'd strongly advise that you re-read the RNS...
Here's the relevant bit(s), if it helps your understanding:
"Background
The Acquisition Agreement has been entered into today by the Company and ProspectOre, an Australian public unlisted company.
ProspectOre acquired the Bushranger Copper-Gold Project from Anglo American Exploration (Australia) Pty Ltd ("Anglo") in December 2017 ("Bushranger Acquisition Agreement"). Under this agreement, Anglo has a "buy-back" option, as described further below. ProspectOre also entered into an Exploration Farm-in and Joint Venture Agreement ("JV") with Anglo at the same time to farm-in to the surrounding exploration tenure covering 3 additional exploration licences: EL8305, EL8306 and EL8585 ("Anglo Exploration Tenements"). Subsequently, ProspectOre has agreed with Anglo ("Anglo Acquisition Agreement") to acquire outright the Anglo Exploration Tenements, which supersedes the JV agreement, for a cash consideration of A$50,000.
The total consideration is apportioned as to £10,000 in value for licence EL8305; £10,000 in value for licence EL8306; £10,000 in value for licence EL8585; and £1,220,000 in value for licence EL5574 (the Racecourse resources lies entirely within EL5574).
In addition to the Consideration Shares, Xtract has agreed that on notification by the Seller, prior to Completion, to settle from existing cash resources, a maximum amount of A$200,000 (£108,000) in cash relating to outstanding liabilities of ProspectOre, primarily being the cost to acquire the Anglo Tenements as described above, and Director loans of A$25,000 (£13,500).
Ref: https://www.lse.co.uk/rns/XTR/bushranger-copper-gold-project-australia-ruch7998ffjy5a3.html
"Ian is a Director of ProspectOre Limited and IQ Minerals Group Pty Ltd, unlisted resource acquisition and development groups that identify and then progress quality projects towards public listings.
Ian has a 30+ year career in mining, project development and exploration across base and precious metals, coal and seam gas. Ian has held Business, Commercial, Stakeholder Engagement Specialist and Tenure roles with various companies including Pursuit Minerals, Avalon Minerals, Meridian Minerals, Anglo American, BHP Billiton, Pancontinental Mining and Renison Goldfields. He has extensive experience in the negotiation and management of joint ventures, acquisitions and divestments across an international mix of resource projects.
Ian also has many successes with the acquisition, granting and optimisation of exploration and production tenures by working with Government agencies throughout Australia and a number of overseas jurisdictions. As well as managing the statutory processes, he also has extensive experience as a stakeholder engagement specialist working with Indigenous people, property owners and the communities in which exploration, mining and production has been undertaken."
So i'm assuming Ian Wallace will elect himself as director of Xtract?
S30 days to verify that ProspectOre is the legal and beneficial owner of the Tenements or, in respect of the Anglo Exploration Tenements, has a legally binding right to acquire such.
They exist: Name: PROSPECTORE LIMITED
ACN: 619 426 952
ABN: 64 619 426 952(External Link)
Registration date: 31/05/2017
Next review date: 31/05/2021
Status: Registered
Type: Australian Public Company, Limited By Shares
Locality of registered office: BRISBANE CITY QLD 4000
Regulator: Australian Securities & Investments Commission
Well I hope I'm wrong but we've paid 12fold what PO paid in Dec2017 ,and paid the debt which is what they paid for the asset..have I read this correctly..?
has agreed that on notification by the Seller, prior to Completion, to settle from existing cash resources, a maximum amount of A$200,000 (£108,000) in cash relating to outstanding liabilities of ProspectOre, primarily being the cost to acquire the Anglo Tenements as described above, and Director loans of A$25,000 (£13,500).
Not a clue!
How much did PO pay Anglo in 2017...
Blue, according to the fag packet calculations, the copper in the ground is potentially worth 1.7 billion!
And we bought it for 1.25 million. Seems like a bargain to me. What do we know though ??
LW, what do u expect 100m free shares to do to the SP, from what I can see PO, was worthless,no cash FA to develop this asset and bird throws them at Least £1.2 unbelievable imo
I hope this will not lead to yet another drag on the SP for months and months if they need to sell. Lets wait to see what Bird can offer us by the way of an explanation but it had better be good.
Bird needs to explain this deal, in hindsight I am pretty unhappy that some unknown entity are about to receive 100m shares in XTR at a time when the value of the company is expected to increase significantly. He has given away around 20% of the company to acquire this Licence/Project + there are other associated costs.
Looking around recent resource licence aquisition deals on AIM the price paid seems rather top heavy in my view, many deals are paid for in staged payments with success payments made on delivery of project growth.
As seasoned followers of Xtract Bird does seem to like doing deals with private entities who are hard to research, who is behind this company, who received the finders fee, if the licence is so dynamic why was it available ?
We already had a 'blue sky' project in Eureka and both Zambia and Manica will deliver revenues, surely this would have been enough to be getting on with. It will be very interesting to see what Tom Winnifrith has to say about this deal, if there is a rat he will find it make no mistake.
On reflection disappointed, 100m shares priced at 1.25p can be sold in stages , will they be sold, you bet they will IMO.
pay him in share options!!
That should encourage any CEO to perform!
I'd be interested to know too. Bird was bemoaning salaries on the TW podcast recently. As I recall he thought 50/60k was reasonable for an AIM CEO....
Wonder what salary the new Xtract director from PO will be on...more than LTSH
In full agreement A4444 - already been stuck here for 6 years now. Bird been promising 'shareholder value' for circa 4 of those years.
Is this really what most shareholders want? - I think not. I imagine most of us want to break even and see a decent amount of CiB at least before he starts **** like this!
I just feel frustrated and deflated. No need to do this to get where we want to be imo. We were on track to do that.
The 10p party may still come, but I would like it in next 2 years not 12 years !
Good or bad this deal just feels like groundhog day to me.....More dilution, increased expenditure and more promises of Jam tomorrow.......When will it end (i.e. when will we see 'shareholder value).