Member Info for EyeGuy

don't think there will be a placing personally. it will be a draw down or bust Imo
but dyor please ;-)

MrP- I believe they are but the complicated bit is that the mining convention update specified work steams to allow the licenses to be valid. Without continuing the work the licenses I interpret to be next to worthless. It’s taken 6 years or so to thrash all this out in Guinea.
So it appears that the assets are more valuable to Hudson if bzm continues
That’s the gist of the rns yesterday.
Pretty complicated

Spike. That’s right. If they allow a draw down then I think we should be looking at 1.5-2p ish.
If they don’t then it’s bust.
5 bag or bust is what I think and I haven’t changed my view

nope. should be 2-3 x this.

Mr P- they cannot issue shares without Hudsons permission. Any dilution means that Hudson are diluted under 50% which changes the game behind the scenes.
So Hudson have to agree to being diluted. They did not agree to this 2 months ago. They voted it down.
So without funding BZM go bust. But the Hudson lose the $20 million that BZM owe them and inherit assets that are possibly worthless. The RNs yesterday stated "in any case, the Company's main assets have meaningful monetary value only if Bellzone continues as a going concern."

the access will be by road with end game of the railway for Simandou shared access

spreads come in now. should keep going. maybe something has leaked

all Hudson need to do is release the $3.2 million tranche and yes I agree will be 2p +

63% up.

56% up.

Basically Hudson are not a mining company. Bellzone are. Even if Hudson get the licenses they are practically worthless as they are in breach set out under the mining convention. It had strict guidleines an dthe ratification took from memory 6 years. If Hudson has the assets it could be another 6 years before they could do anything with it.
Thats my take pal

Should the Company successfully address these issues, the Directors believe Bellzone is in a position to begin monetising its main assets and is on course to meet its updated timetable obligations under its Mining Convention. Nevertheless, the Company has assessed that the current likelihood of new unsecured debt financing is very low, given that all of the Company's assets are already pledged to Hudson and CS International and, in any case, the Company's main assets have meaningful monetary value only if Bellzone continues as a going concern.

Weston- the licenses are practically worthless without BZM as was said last night. The mining convention has strict guidelines as to progress to keep these licenses going. It took 6 years or so to get this voted through and changed.
Hudson stand to lose a lot more by bankrupting BZM as basically was said yesterday.
Could be mates rates cheap shares for Hudsons pals

50% up now

Unless the nomad walks of course.
I think this will get sorted personally.

It won’t be suspended until after the agm

Maybe.
For anyone joining today a brief summary and my interpretation too.
1. Hudson own more than 50% of the shares
2. Hudson vetoed the agm motion to have shares issued. Basically that would dilute them under 50%.
3. Bzm owe Hudson, China sonongol $20 million.
4. Hudson have a loan agreement with bzm and $3.2 million of this is undrawn.
5. Hudson have not backed bzm with more money - so loan drawdown seems unlikely and unless Hudson want diluting to a minority stake then bzm run out of cash.
6. If bzm run out of cash then Hudson lose out on the $20 million that bzm owe.
7. Hudson would appear to have first claim on the assets but today the rns said “nternational and, in any case, the Company's main assets have meaningful monetary value only if Bellzone continues as a going concern.”
8. So if bzm fo bust it would appear the asset value is less than if bzm stay listed
9. The mining convention has strict timelines to allow mining of kalia. If the ferro nickel project stalls then it could mean losing the license. Same with kalia.

Dyor

Riddler- that isn’t true pal. That’s not what is happening here

Sure what happened at the end there.
Onwards and upwards and I’ll keep holding

Hard to call now. But from the tone of the rns it suggests that the assets are worth more to Hudson with bzm continuing and Hudson owning 50% rather than Hudson’s taking the assets ask them being worth next to nothing