Member Info for Ella10

Hopefully a great RNS is currently being authored for release on Monday. Ben, I'm expecting it to contain some impressive photos!

Hi Kully,
I agree the next investor call should be interesting. While we wait with bated breath for the next IC to be announced it is worth revisiting some of the previous calls. This was in Feb
https://twitter.com/i/status/1362674531924668419

F79,
I suspect it is the following thatmakes you think Rackla is picking up the liability. I read it that Rackla is picking up the liability to pay Golden Square Equity Partners the cash for the shares in CASA mining SPA - nothing to do with any additional liabilities.
'Under the terms of the Casa Mining SPA, Golden Mining is acquiring the outstanding shares of Casa Mining for total cash consideration of US$4.8 million in staged cash payments. Under the Definitive Agreement, the Company will acquire Golden Mining through the issuance of up to 10,250,000 common shares of Rackla at a deemed price per share of $0.40, and will assume the obligation to make the required payments under the Casa Mining SPA'

Hi F79,
What makes you think the liability is being picked up by Rackla?

Hi Fulmar,
All my posts are based on research on the company and related items. I think you'll find it proves their accuracy of what I post when noone refutes it, by providing evidence to the contrary, but instead post personal attacks on me.

Thanks Fulmar,
Interesting article. I wasn't aware of the following figure
'Zambia also owes mining companies more than $1.5 billion in value-added tax (VAT) refunds, an issue that soured relations between the government and the mining sector.

The VAT refunds are the top priority for the industry, said Zambia's Chamber of Mines CEO Godwin Beene, who represents mining companies including First Quantum Minerals' Kansanshi Mining and Barrick Gold's Lumwana Mining.'

Well, it's certainly nothing positive - or you would be shouting about it! Hope you weren't under the same misconception as FB :-)

Please enlighten me Turtle wax.

The main change appears to be a drop in the number of shares to be issued for the original deal but the original amount will be paid if they get 95% of the project.

The original CASA sale agreement from March 2020 stated
'The Purchaser also assumes all existing liabilities pertaining to Casa (£1.95m as at 30 September 2019), capped at US$3m. '
I can't find anything specific to the existing liabilities in the revised terms but I could have missed it. I haven't found anything to suggest that the liability will no longer exist. I think the following statement in the revised transaction terms means ARC will now be liable for that £1.95m.
'As a result of the new transaction, Arc and Golden Square agree to release and discharge the other from all claims / demands in respect of the original transaction with Golden Square subject to closing of the Transaction.'

Hi F79,
As well as seeking opinions here I am proactively seeking answers elsewhere. I find it all fascinating.

Hi Fulmar,
I'm hoping you will be kind enough to explain to a thicko like me how GSEQ bought CASA in a brokered deal which resulted in dormant company accounts
https://find-and-update.company-information.service.gov.uk/company/10712020/filing-history/MzMwMzY2MzU4OWFkaXF6a2N4/document?format=pdf&download=0

I'm still not sure how Golden Square Equity Partners bought CASA in March last year when their company accounts say they were dormant. I've found references to the company ARC was sold to as being a uk company (not in ARC documents but in articles that reference the sale) .
https://find-and-update.company-information.service.gov.uk/company/10712020/filing-history/MzMwMzY2MzU4OWFkaXF6a2N4/document?format=pdf&download=0

.

This is a post from the other board in May 2020 - yes 2020!!

': The 2 x 1 million trades were rollovers as were the 2 x 1 million trades at 8.06am Apparently Mr 250k has been selling for 5 years. Surely his printing press has run out of ink by now'

Thanks F79 - hope you enjoyed your cornflakes....

Hi Fulmar,
If ARC own CASA how can Golden square Equity Partners sell it? The following is from a Rackla announcement
'Golden Mining has entered into a share purchase agreement with Golden Square Equity Partners Limited to acquire 99.43% of the outstanding shares of Casa Mining (the "Casa Mining SPA").'

Oh - why does milk need to be after the cornflakes?

Hi Fulmar,
LSE really ought to fix those filters :-). Apologies if my question was too complex for you.

I'm curious about who owns CASA at the moment.
Arcs RNS March 2020 states it's being sold to Golden Square Equity Partners. They do also state that
'Arc has ensured that it has security over 100% of the Casa shares being sold in the event of non-payment of the loan note.'
I've had a look at Golden Square Equity Partners accounts for this period. It appears to have been dormant but the accounts do state 'during the year the company acted as an agent for a person'.
I know Golden Square Equity Partners has been discussed before but who was CASA sold to ? This may have already been explained here but if the accounts state the company was dormant who bought CASA?

Hi SeisNav,
The 'closing' referred to in the statement on the webpage is the closing of the deal. This is a similar statement to that in the 9th Aug announcement.