Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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As much as I hate being an enabler for laziness, I am rationalizing that others may find value to this, or save them time for their own research:
https://newsnreleases.com/2020/06/17/tomco-energy-forms-joint-venture-with-valkor-to-develop-oil-sands-plant/
In particular, this is what each company was supposed to bring to the table:
"The results of the draft Pre-FEED study have provided the TomCo Board with sufficient comfort to enter into a binding joint venture agreement with Valkor (the “JV Agreement”) to form and regulate the operations of Greenfield, a newly incorporated Utah registered company that will seek to pursue the development of a plant utilising the Oil Sands Technology.
Under the terms of the JV Agreement, the Company will provide funding to Greenfield, subject to being satisfied as to the use of such funds, of up to US$1.5 million, to enable Greenfield to be able to complete, inter alia, the required upgrades to the POSP and to undertake the proposed test programme as detailed below, together with funding TomCo’s contribution to the FEED."
This is what Valkor was supposed to bring to the table:
"Valkor will provide the engineering knowhow pertaining to the Oil Sands Technology required to complete the changes and will undertake the work detailed in the Work Order. Valkor will provide the services for the completion of the pre-FEED and the FEED up to a value of US$375,000, along with their management and operating experience and any other information and other valuable resources owned by ?and/or controlled by Valkor. In addition, Valkor has granted to Greenfield a licence to the Quadrise MSAR® technology, for the processing of heavy sweet crude into heavy fuel oil for which it has a right to an exclusive licence, for the use on all future plants that are majority owned and operated by Greenfield in Utah."
It is very clear that it was NEVER the intention of the JV for Valkor to invest any funds at all, and suggesting they have been negligent in doing so is completely inaccurate. Valkor provided the Engineering expertise, and TomCo was supposed to provide a set amount of funding.
Both companies met their respective responsibilities, and they were successful, after which they dissolved the JV in an amicable and mutually-agreeable arrangement, where they will most like retain some form of serious working relationship.
I see no reason for anyone to "bad mouth" either company in the context of the JV or its results.
Paul from Tahoo, that article is over 1 year old. Valkor now a part of TOM, who now own Greenfield in its entirety. It is no longer a JV.
The point of this post was to lay to rest the concerns of certain parties who clearly misunderstood the original JV. minimil was apparently confused about the terms, and hopefully this will permanently end his concerns in that context.
As an aside, you reversed the order of the companies in your statement, and it was a little loose in interpretation.
Valkor is NOT a part of TomCo. However, if certain conditions are met, Valkor will own 29% of TomCo- but that hasn't happened yet, and won't unless TomCo can get the funding.
You are correct (obviously) in stating that TomCo now owns 100% of Greenfield.
And it appears you did not read my whole post, but it's still early if you are in the US like me.
Yes correct, the Valkor half of Greenfield , not Valkor, is now incorporated into TOM, giving TOM 100% of Greenfield.
PaulFY. Your posts have been well researched and on the button. There have been some big misinterpretations of the Valkor and Tomco arrangement posted regularly, whether erroneosly or with otherwise intent. Keep the good commentary coming.
Paul - That's correct but there is one glaring omission. The POSP plant had issues due to low ambient temperatures and required modifications to overcome these issues. This entailed excessive costs beyond the initial agreements of the JV.
Based on the funds raised by TOM in the Nov 2020 placing and what they now have left in the bank (June 2021 Interim's RNS) it does not take Albert Einstein to work out that this was ALL funded by TOM.
I am really glad Valkor are now out of the equation as far as Greenfield is concerned but the 29% share ownership was too high in my opinion. It is was it is and we move on..
Valkor did all the work, and is responsible for its success. TomCo was merely a funding agent, as the original announcement attests.
You are certainly belatedly correct that it does not take an Einstein to work out that it was all funded by TomCo, as the very first announcement of the JV made that very clear- for anyone taking the time to actually read it.
"belatedly correct" ?
Been saying that about Valkor for a long time on this board despite the criticism from many here without back up . Nice to hear somebody finally acknowledges how fake Valkor are.
Not one reply to my emails to them btw, and a fuel gas skid for Nigeria??? Not allowed there as they have been fabricating these skids in country since 2017!
Valkor the designers who did not take into account the cold weather conditions for POSP???
Anyway, the guy in his shed now has 29% of TOM - it is what it is, well done TOM BOD.
MMil your fixation with Valkor is bordering on weird, and without a doubt false, but your appetite too prove everyone wrong and self belief of importance is not a great look, I think we all get it yes Valkor are having a great deal with little money input, but what they did bring engineering wise was a glimmer of hope and now helping TOM into a real money making oil producer, and I think many would bite their hand off too be in this position after what the director called a Chequered Past!
Fadec92 - You sound just as bad as Joe. Valkor lover without foundation.
All those 10 recs you received I ask one of them to prove why they are so fantastic.
And none of those links to their crappy website please. Sorry, don't bother you will not find anything useful.
Anyway as I have previously posted I am done with the Valkor cowboys - we move on and see what the TOM BOD can do to get this project off the ground. I am sure you will all agree with me on that.
Thanks Fadec, impressive CVs indeed. Far more so than some of those on the Tomco side. All involved parties are no doubt positioning themselves for the best starting position to unlock the Uintah resources. I believe you will see PQE, Valkor and Tomco all looking to construct their own facilities. There is plenty of resource to go around in Utah with this technology.
These guys start with a vision work out viability, design and engineer and build company’s from scratch they commission plants create wealth for surrounding communities/employ staff then produce salable products on a large scale, and probably will then sell the whole thing, but this one is the last one they will need too do, the biggy (retirement fund) imo!
Well news is due anyway and it looks to me like it will be very good, price on the move now
Torreaguas, , totally agree , something about to happen,,,,onwards and very much upwards.