Member Info for BmrWatch

Yes, apologies for the typos – “prospective” should read “prospectus”. The project assets will be reversed into Kendrick PLC then floated on AIM. It's classed as a reverse takeover.

CPR is a Competent Persons Report – “A Competent Person's report is an independent, technical and geological focused report of a project. The aim of a CPR is to provide a responsible, unbiased and independent opinion on the technical aspects of the project, with the ultimate purpose of informing and protecting investors.”

It’s unlikely that we will see any updates via Twitter until they are ready to call a GM for the approval of the deal with Pursuit. We remain frustrated with the amount of time things are taking and the lack of transparency regarding the Royalty.

BMR Watch recently caught up with Colin Bird for an update on the situation. As you might be aware, the Pursuit deal was announced 3 months ago and we’ve heard nothing since. Pursuit shareholders approved the deal at their AGM on 15th March 2021. We paid a $50k (Australian dollars) option fee which expired 31st March. We have now had to pay a further $60k for a 6 month extension. The 31st March deadline was obviously very optimistic as we are nowhere close to seeking BMR shareholder approval at present.

CB provided an update as to what has been happening and what needs to happen next. A prospective and reverse takeover document needs to be drafted. The circa 140 page prospective will take around 2 months to complete. We have paid the extension fee ($60k) done some ground mags over the extended area at the Finnish Vanadium project, took samples for lab analysis, sorted something on the licences in Sweden – things are being progressed. We had to appoint an international competent person for CPR which cost a bit more. Everything is progressing well but the listing is unlikely to happen until July now.

A GM will be called for BMR shareholders to approve the deal – it’s possible by that time we might will be able to attend in person, although we asked if this can also be done via video link for those unable to attend. We asked about the capital raise and CB thinks we might be able to include an Open Offer within the prospective, so that existing shareholders can apply for additional shares in the IPO if they wish.

We spoke about plans to demerge the Royalty. CB is still of the opinion that JLP will not be touching the Zinc anytime soon and any money from this won’t be seen for another 4-5 years. They seem to be brushing the Royalty under the carpet now which is very disappointing.

BMR has scheduled an AGM on 4th Feb at 10am – see link below to access a copy of proxy form and details of the 10 resolutions.

https://drive.google.com/drive/folders/1egtGtau4AE_xNA-r0ZHboHhlxMbeR8gb?usp=sharing

Another meeting was held with BMR on 1st October, this time with wider members of the BMR Watch Committee included.

We made it clear that BMR shareholders wish to have the Royalty separated from any new listing. It’s imperative that this is done, otherwise it would dilute our interests in the Royalty. CB recognises this and will look into ring-fencing the Royalty for current BMR holders on the shareholder register. We have also requested to see paperwork on the Royalty agreement between BMR and JLP – we are confident CB can provide access to those documents. Discussions were held over the possible purchase of the Royalty by JLP, however, this isn’t something JLP would want to do at this stage and CB determined it would be more beneficial to BMR shareholders if it was sold at some point in the future instead.

BMR continues to pursue an asset acquisition and we hope they can share more information on this shortly. We also hope to have an update on progress of ring-fencing the Royalty. BMR will be required to publish any proposals via Circular for shareholder voting.

BMR Watch has received initial contact from Colin Bird. He wants to build a small team and seeks an acquisition and listing for BMR. We are informed that the acquisition is close to completion. We anticipate a listing to take around 4 months to complete.

We see this as a positive step forward and further conversations will be held in the coming weeks.

https://twitter.com/BmrWatch/status/1310508808238702595