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The Mali government will become a shareholder in the subsidiary mining company following completion of the transfer and finalisation of shareholder agreements and LMLB has been established to be the holder of the Bougouni mining licence and operator of the mine.
The parties are looking to finalise all remaining compliance items as soon as possible with the expected transfer of money (US$117.75 million in total, of which US$3.5 million has been received as a pre-payment as announced on 3 August 2023) for the completion of the Transaction now expected in the first half of November 2023. Consequently, the parties have extended the long stop date for completion of the Transaction to 15 November 2023 or such later date that may be agreed in writing between the parties ("Completion"). Upon the receipt of funds pursuant to the Transaction, the parties expect to accelerate the development and mining activities of the Bougouni Lithium project, targeting production as quickly as possible.
Zengas a d v f n
Originally invested here in 2015 but after COVEs Steve Staley went 4 years ago in Oct 2019, i remained on the sidelines ever since and studying the latest news.
Gone from 213m then and with the latest excerise in warrants just shy of 1.2 billion shares today.
Almost 9 years and regardless of share price appreciation to date i don't see where the value is in any of the assets relative to 14p because i would undoubtedly buy at 3-6p if i thought it was on.
A number of questions for me is why after all this time of languishing do they unequivocally reject the offer as it significantly undervalues the potential ?
That's a (£168m) $200m valuation. Who pays that kind of cash for just part of a virgin block.
It's 45% of a study on a 6500 km2 block with no wells drilled and just 456 km 2D and no 3D seismic and no psc.
That's $200m for something that they haven't got as a psc. So is the entire block really worth pro-rata 100% basis around $445m ?
Phenenomenal money - yet they dismiss it uneqivocally - ie not entertaining it.
Given UPL will need more cash (drilling, 3D, PSC payment and only very small 2D coverage) - how much is needed taking into account further shares in issue versus today ?
On that dilutory basis and taking into account all the drilling risk can they explain why it is significantly undervalued and how they see or think the share price will be relative to the dismissed 14p ? on a further 6-12-months/2 years timeline risk with x amount of additional shares ? versus dismissing 14p which is a 600% premium to the 2p share price 3 weeks ago.
They said in their last results they have to bid for the PSC - this leads me to ask another question, what price the government will seek from UPL for the block now they know the company is dismissing a figure of $200m for UPL itself ?
Its dropping because of the overhang most likely the warrants that were issued yesterday and today.
The billionaire is Irish, surely those in the city would be buying in if bid was going through but we hear nothing.
Ajed
It was huge offer but the sp hasnt reacted.
Whoever get certain % of the license will need to prove up and develop asset. They want to drill a well in future but know they have to raise funds for that.
How much of the acreage do upl expect to get? Significant funds will be required to move project forward.
It was unfair to refuse 170m for shareholders. Ppl sre saying 20p but thats £240m what warrants that?
"The Joint Technical Study Agreement for Block SK334 represents a significant event for the Upland.
We believe that the outcome of the Joint Technical Study will give Upland an advantage for the subsequent stages in Block SK334."
Advantage taking the block?
Leafy
Explain?
Right now they dont hold exploration rights nor own any land. What we do know is that neigbouring Brunei has similar geology.
£170m for an asset which has no proven oil is great, the board should engage with Bollinger.
Sharepoint
They are long term investors, the ones that didnt have sticky hands forward sold.
Bolhassan Di, Upland Chairman and CEO commented:
"The interest and support we are receiving from various corners is very encouraging, it validates our strategy and affords the Company the option to choose the strategic investors who we think are important to our success in the longer term. These alongside recent exercises further strengthen our existing cash position into 2024."
Ypu get that all early stage offers are made.
Bit of background on buyer, oilman..
"Bollinger co-founded Egerton Capital with Armitage, having started out at Goldman Sachs as an oil services analyst in New York. The Cork-based billionaire resigned from Egerton to retire from trading in 2008"