RE: NEO up 140%13 Aug 2024 16:14
MC £14m Purchasing $17bn asset , surely price should double from here ?
The Beisa Projects comprise total SAMREC Code compliant resources of 90.24 million pounds ('Mlbs') of U₃O₈ and 4.17 million ounces ('Mozs') of gold.
The total in situ value of the inferred uranium and gold resources is over US$17 billion based on the prevailing spot uranium and gold prices.
Under the commercial terms of the Agreement, the Company will initially pay Sunshine a cash exclusivity fee of ZAR2,500,000 (approx. £107,500) and issue 20,000,000 new ordinary shares at an issue price of 0.75 pence per share ('Acquisition Shares').
· On settlement of the acquisition of the 100% interest in the Beisa Projects, the Company will pay a cash fee of ZAR175,00,0000 (approx. £7,500,000) and issue new ordinary shares to the value of ZAR200,000,000 (approx. £8,500,000) at an issue price of 1.25 pence per share and on the basis that Sunshine will not have a shareholding exceeding 29.9% in the Company and they will further enter into a lock-up agreement with 12 month trading restrictions on any share sales.