RE: Utah30 Mar 2023 15:27
DoN,
It's obviously been a long path for Tomco, but initially it appears they just wanted the cash to develop TSHII themselves (via Greenfield). Then it would appear that the request/offer on the table was not acceptable to one or other of those involved. Only very recently did the deal change to the one that appears to have been acceptable to all parties. That is what happens when in USA and you negotiate a complicated transaction and funding via lawyers (they wouldn't do it any other way IMVHO).
28 June 2022
"Greenfield is engaged in ongoing discussions regarding possible funding options, including a due diligence exercise with a potential funder, to potentially achieve the ultimate acquisition of 100% of the Membership Interests, as well as the drilling of several production oil wells and the planned first 5,000 barrels of oil per day production plant, whilst progressing other preparatory work."
30 November 2022
"The Company is currently in discussions to secure a potential non-equity funding package for Greenfield, that would, inter alia, enable Greenfield to ultimately acquire the remaining 90% of the Membership Interests in TSHII and cover the currently estimated construction costs of two commercial scale oil sands separation plants and requisite associated supporting infrastructure to enable the future mining of oil baring sands at the TSHII site."
Now, as I said, it is only the final due diligence and paperwork left, which means all parties are in agreement with the offer on the table, and it is only crossing the t's and dotting the i's that needs to be done.
Absolutely Tomco right now is much higher risk than QED, but once that deal is signed off, the risk level of Tomco plummets, as everything is then in place to produce the low Carbon low Sulphur oil.
QED's risk drops a fair bit when the Morocco clients signs a supply agreement, drops a bit more when Utah License is in place, and plummets when LONO is approved.
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