George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Well, they raised the bid at the open.....
Read into that.
Not AIM dvh....
Finally.
IOCG being sampled....amongst other things of course....
I was wrong on the JV announcement. My bad
Caribs
Hi Jack,
Like Orion, it's all in my posts history. I've been here a while, so there's plenty to go from.
It's saturday, and I'm only dipping in. I also don't want to get into a Koch-off. I'm way to old for that....
Enjoy the sun.....you guessed it folks, it's wet at the beach....so I'm on a busman's holiday, plastering at home.....one wall down, two beers, so you can forget the 2nd wall!
Hi Jack,
Thanks for your reply. I have read some. I don't share the same opinion as you; but I suppose that depends where your starting point is in terms of learning and knowledge. No offence Orion.
Good luck All,
Caribs
No drama Jack; I was just poking....have a good weekend.
I’ll have to read his posts sometime.
Easy Jack! I hope you're not referring to me! ;-))
Well asked Richy, I'm intrigued. how are you doing this wet weekend?
So now, if you read the first paragraph, the 29th April share issuance is the crystallisation of the first option.
This leads me to believe the JV terms have either been agreed or rather, perhaps not. What it does signify is that we past that point. So an announcement is imminent. There may be some other news they are lumping in with it, or it’s with lawyers on hammering out whatever detail they need to; but we are definitely getting somewhere.
Pulled from the prospectus
The first option (the “First Option”) is exercisable for the payment by the Former Unitholders, in the
aggregate, of A$1,500 and shall vest on the the Lady Alice Trust having earned a 50 per cent.
equity interest in the Wudinna Gold Project under the Wudinna Agreement (the “First Qualifying
Event”). Subject to the First Qualifying Event having occurred, on exercise of the First Option, the
Company shall issue to the Former Unitholders, that number of Ordinary Shares as brings the total
number of Non-Reimbursement Shares (as defined below) issued in total to all Former Unitholders
to 14 per cent. of the total issued capital of the Company as calculated after the issue of the NonReimbursement Shares.
The second option (the “Second Option”) is exercisable for the payment by the Former
Unitholders, in the aggregate, of A$1,500 and shall vest on the Lady Alice Trust having earned a
65 per cent. equity interest in the Wudinna Gold Project under the Wudinna Agreement (the
“Second Qualifying Event”). Subject to the Second Qualifying Event having occurred, on exercise
of the Second Option the Company shall issue to the Former Unitholders, that number of Ordinary
Shares as brings the total number of Non-Reimbursement Shares issued in total to all Former
Unitholders to 21 per cent. of the total issued capital of the Company, as calculated after issue of
the said further Non-Reimbursement Shares.
The third option (the “Third Option”) is exercisable for the payment by the Former Unitholders, in
the aggregate, of A$1,500 and shall vest on the announcement of a JORC-compliant Indicated
Mineral Resource for the Wudinna Gold Project of not less than 750,000 ounces of gold (the “Third
Qualifying Event”). Subject to the Third Qualifying Event having occurred, on exercise of the Third
Option, the Company shall issue to the Former Unitholders a further 30,000,000 Ordinary Shares.
The “Non-Reimbursement Shares” means any Ordinary Shares issued to the Former Unitholders
that are not Reimbursement Shares.
As at the date of this prospectus, the Former Unitholders hold 36,124,856 Ordinary Shares,
consisting of 20,000,000 Ordinary Shares subscribed for on the January 2020 Re-admission,
10,058,244 Initial Consideration Shares and 6,066,632 First Reimbursement Shares, and in
aggregate represent 18.91 per cent. of the share capital of the Company prior to the Admission.
The total equity interest in the Company which would be held by the Former Unitholders following
any exercise in the future of the Third Option would depend on the then existing issued share
capital of the Company. Nevertheless, the Company does not expect the equity interest in the
Company held by the Former Unitholders to, at any time, exceed approximately 29.9 per cent.
Hi ST,
Doh! I’m an idiot! But I think everyone here knew that already!
Good point Dan; St, you are ordinarily pretty good on that detail; any idea on this.
Also Dan and I were discussing, yesterday, if the last share issuance is the final payment to LAM s/holders...I thought that we are now at that point...I might be wrong. What are your findings?
Have a good one
Caribs
Well, ST,
I’d have to disagree on that point.
DC is in the same camp as the Balls in terms of holdings and he is a NED here. Not suggesting anything untoward, just that DC is definitely inside in information terms....
Off to the beach now....
Speaking to Dan this morning, he had the following to say...sorry Dan, if this is a breach of trust?:
‘Waiting on drill schedule, resource modelling, new ceo, adi grant, jv plans‘
Anyone care to have a guess at the next piece of news?
I’ll share with you that I told Dan that an announcement on JV is my gut instinct.
Happy to be wrong, because there are plenty of variables in there right now.
Sitting tight!
These are the former LAM holders, like DC, updating the company since the share issuance last month.
Nice to see them holding. Says it all. Sticky hands, like me.
DTM,
Yep....it’s looking like the wheels are turning again. Someone must have put 10p in the electric meter...
Michael,
You are always welcome at mine.
BCB...I’m a boatman....I’m planning a trans-Atlantic journey for my more silver years(and gold). It’ll be a floating villa.
Looks like I was wrong on the DC arbitrage; mea culpa. Incidentally, DTM knows I berated the board earlier this year for the tardiness of the TR1 issuance from the LAM former holders. I’ll come clean about that now as it’s plain they are trying to tow the line, it might seem. Vigo were a little defensive in their retort.
ST; dig in please; check how much he has actually acquired/sold? I’m guessing the Other Lam s/h have yet to declare? Looks like an Red dot is coming.
Beach was beautiful today. Got nice tan on my dad vest shoulders...;-)
7:01.....
Hello Old man,
How you keeping? Presumably you are staying safe? Booking any cruises yet or are you planning the old east coast staycation?
Glad to see you maintaining your usual short and to the point posts....less is more!
Look after yourself buddy
Caribs
Good for you Daniel. I’m about break even too, maybe a little in the black, but not really interested in the short term anyway. I’m here till the end, as my horizon is a little under 8 years now....arrrghhh time is flying! Now just want the sp to do the same to prove my conviction and vanity!
Hi Dan,
Yes; looks like someone is short, price is looking highly sensitive to little, if any volume.
Sticky hands and all that.
Hi Dan,
You looking at those trades, buddy?
Someone about to load up.....again?
Nice to see a top-up Daniel
You in for the long haul?
Old (not so old) DTM has been on his backside enjoying the sun in his garden, so the grapevine says, but he’s been spot on again today with trades. Someone’s been topping up from a certain broker two days in a row, it might seem.
I’ve, naturally, been at the beach, of course! ;-))
Good luck all