The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Under the JV Agreement binding terms sheet, Errawarra is to contribute up to a total of A$4 million to earn up to 50% of the Project over a period of 60 months as follows (JV Terms): 〉 Initial: Errawarra will make a $500,000 investment in Alien by way of a placement in the company at the 10 day volume weighted average price (VWAP) prior to execution of this agreement; 〉
Stage 1: Errawarra will earn 25% by spending A$1 million within 24 months of the date of the Terms of Agreement; and 〉 Stage 2: Errawarra has the option to earn a further 25% by spending an additional A$2.5 million over a period of 36 months
post Stage 1 completion. Upon successfully completing Stage 1 and Stage 2, Errawarra’s interest in the Project will be 50%. Following the completion of Stage 2, both Errawarra and Alien will contribute to the Project on a pro-rata basis. Refer to Appendix A for the summary of material transaction terms.
Isn't this deal just for Lithium exploration? I can't see how it affects the IOCA?!?
I'd like to think an RNS will be issued, before end of trading, explaining this.
GLA
Smiller... Its Shemesian moving tenaments and puppets around his crappy microcap stocks.
"We spend no money", that will be because we don't have any Nap.
Step back and look at the bigger picture. It's pathetic, does not matter how you look at it. It's so bad they do not want to release a RNS. Shame they have too as its clearly price sensative.
It seems that its only for the lithium and we we get 75% of what they dig until stage 2 is complete then 50% after. I also assume that if they dig up anything else but lithium we get it?
Seems like free money to me for a small part of it plus the money to dig ourselves if no good JV for big projects
Yep lithium only, and also means they dont need to activate the other funding facility. Good business no matter what any one says
LITHIUM RIGHTS!!!!!
Rns out read it slowly
100% Naps.
Lithium rights only!
I'm happy with that RNS at first read.
We get money into the business, reducing the need to rely on slimy Rich.
We let somebody else take the exploration risk whilst we continue to focus on our own near term strategy
I'm sure chris2 will be along shortly or the Bish....
Would be great to piggy back their samples with testing funded by UFO for other stuff. Only have to cover cost of labs for Ag, Au, Ni etc…
Lithium only
0.2 first cash strike price
again - all seems sensible
And let's not forget they are subscribing at 0.2p, so a premium to the current sp.
Will the MMs move the sp up accordingly, they would move it down if it was a discounted placing.
Somehow I doubt it...
As for people saying about where is the RNS for us, as I wrote this now as we likely said that we would release the news after them, they release the news at 11:19pm here last night I dare say no one was working on a RNS then lol
Seems like a decent deal from my pov.. we dont even know if Lithium exists at Pinderi and we are not paying a bean to find out ..
+ its only for Lithium.. so if its a duster then no skin off our nose.. Errwarra will just have bought $500Ks worth of UFO stock at a premium.. lol..
UFO spreading the sh*t far and wide lol...
They know lithium exists they retested the cores
So mining license quickly followed up by 1 of probably many JVs. Great!
Wednesday meeting at Aus Embassy now looks very interesting
I think given our position and that it is restricted to Li. it's a good deal.
Who ever also said 0.14 this week also nailed it.
@Nap yeah i remember talk of the re-test.. I dont think they ever published the results ? i could be wrong ? i reckon Lithium discovery would have been a big deal for UFO..
Funny old bit of trading in the last hour.. a load of sells prior to the news.. i have to laugh how we all find out about the deal before they publish the RNS..
Looks like a good deal to me. Get somebody else to find out if there's lithium and get a bit of cash while they are doing it. If there is commercial amounts of lithium UFO is in the money.
Shorters just soiled their pants after reading the UFO RNS. LOL
happy with that. some cash in the bank for opex at han**** and some big investment from keen partner in a site we don't have time / resources to go and dig around quite yet.
50% of something is better than 100% of sweet fa, especially while we are busy opening a 10year 2mtpa mine.
atb pj