No delivery November,December & January6 Feb 2024 16:54
I do not intend spoiling the party for the giddy investors,however I would draw the BB's attention to the options that remain open to Canmax.
As the SP rises Canmax MAY take the the option to excercise certain rights.
It will never be a straight road with Prem
If in any month Premier is unable to supply the Minimum Delivered Product, or make the Cash Settlement set out above, then Canmax will have the following options:
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the outstanding balance of the Cash Settlement will be carried forward to the following month, and the interest rate applicable to the outstanding balance of the Advance Purchase Amount will increase to 12% per annum from the first day of the next month; or
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the monthly payment will be settled in new ordinary shares in Premier at a conversion price that will be a twenty daily volume-weighted average trading prices of ordinary shares during the last twenty trading days of the month where the Minimum Delivered Product was not delivered (VWAP Period).
The conversion rate will be equal to 90% of the average of the twenty daily volume-weighted average trading prices of ordinary shares during the VWAP Period. The conversion price shall, subject to standard customary adjustments inter alia for changes in Premier's capital structure, be no lower 0.32p per ordinary share.
Settlement of all amounts of Product due under the Amended Agreement will be subject to a new Long Stop Date of 1 April 2025, and should Premier have not delivered the required Product or provided Cash Settlement to settle the Advance Purchase Amount in full, and provided that Canmax has not elected to take settlement in new ordinary shares (the "Outstanding Amount"), then Canmax will be entitled to receive as settlement of the Outstanding Amount, a direct interest in Zulu Lithium based on a project valuation of US$200 million.
Acker
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