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What a difference a week makes. The price of gold is powering ahead but here we are.
If Philoro have already received $500k of gold (at $1794 on the 12th Dec) and then have to give the gold back (currently $1895) then they'll probably pony up the $3m
What's interesting is that the ocim deal was to drawdown $7m, and then $3.5m at a later date. Then the Philoro deal, for $3m, was to be repaid immediately and in six equal installments (i.e. $500k per installment). So how could Gcat manage this? Does it allude to a reasonable mining rate at the moment? And did Philoro receive $500k of gold? Will they be required to give back the gold? Or hand over the $3m?
So looking back at the Philoro deal on the 12th Dec, they said that $3m was to be paid and it was repayable in six equal installments commencing immediately.
So I read this as that Gcat gave them $500k worth of gold on that date and the next pot of gold is due tomorrow. If I'm right then Philoro need to make the cash payment available.
In regards to ocim, is it possible that the second deal with Philoro then caused ocim to ask for more security, as then there would be 2 companies needing to be repaid?
I can recall agreeing to a contract and then waiting for it to be printed. I decided to scan the contract again before signing and the c***s had changed a pertinent bit. I pointed it out to them and then walked. Such is life.
Everyone knows that the price of gold is partly due to iou notes that can't be delivered, and so I reckon that lots of companies are happy to secure supply. If not, then I expect Philoro will expand their agreement, as it was made on the premise that Ocim was going to be taking some of the product.
philoro global dot com
Maybe Ocim made more money shorting or getting a kickback from shorter to pull the deal... Because someone was in the know and selling.
Whatever, they're not to be trusted by any company in future.
Over 4,000 views of the interview already. This is a biggie in the making. The MRE is just for Clarke and Baggy Green, which are mere dots in the licence areas. If I was Rupert,then I'd ask for a licence to aircore the entire area and bang holes in it.
So I woke up late and am just reading the news, am I correct in seeing that Thompson didn't make the mre, but the exploration target is 81 - 233 Mt, which would be 4-11 times the current jorc?
75% of 300 is 225
Another way of the insiders making a side wonga
I agree but hope that if Andromeda come on board then they do so at a significant mark up of the current price, as it would perpetuate the price going forward. Anything around 3p would be great.
Gcat haven't drawn down the $7m, but will do before the end of the year, and so I expect that the paperwork is waiting to be signed off, and this will be the next catalyst
they at least need to state whether they've spent the required amount for 75% and I'd like to see the transfer of the licence.
Until spreadex are off the list of big holders then I can't see this going anywhere
Don't discount an intra-day rns to catch the traders out
I like that this is just the results from 10 holes with another 118 holes yet to be reported, this could give an rns a week for the next 12 weeks
Did they say which year???
I'd add from earlier that the only thing of moving andromeda to a shareholder rather than partner is that the costs would then be 100% for Cobra to cover, but then for balance they would have 100% of any jorc on the book.
From project to top company level sounds to me like giving Adromeda a stake in Cobra and then ending up with 100% of Wundinna.... But I don't know.