Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
CORPORATE UPDATE
Aminex is pleased to provide a corporate update further to our announcement on 27 April 2020 regarding the Company's measures to reduce costs through directors' salary and fees sacrifice and proposed issue of share options in compensation and the PDMR notifications on 1 May 2020.
The COVID-19 impact and oil price plunge has introduced huge uncertainty and is unprecedented in the Energy sector. The Board had decided that the Company and shareholders would be well served by conserving cash whilst maintaining capability for the planned upcoming Ruvuma work programme in Tanzania and the next phase. The Board has therefore implemented measures to reduce Board remuneration by approaching 90% compared with a year ago. Total Board remuneration is now under £100,000 per annum i.e. £8,000 per month.
All directors are sacrificing significant remuneration:
· Effective 1 April 2020, Chairman John Bell has irrevocably waived his annual fees of £100,000 for the next 12 months.
· Since becoming CEO on 27 April 2020, Robert Ambrose has accepted an annual salary of £60,000; a 67% reduction from the previous CEO (£180,000 per annum salary) and a 80% reduction from the CEO before that (£300,000 per annum salary).
· Effective 1 April 2020, the senior independent non-executive director (and Chair of the Audit & Risk and Remuneration Committees) (SID), Linda Beal, has irrevocably waived her annual fees of £35,000 for the next 12 months.
· The Chairman and SID have waived contingent additional fee awards of £175,000 in total awarded in 2019 expected to become payable over the coming year to save cash costs.
· No fees will be paid to directors for significant additional working days over the last few months or for the next year, caused by the significant reduction in Board numbers which in itself has saved circa US$900,000 compared with early 2019.
The share options granted to directors and set out in the PDMR notifications of 1 May 2020 will vest over two years and have performance conditions based on share price growth aligned with the Company's strategic objectives so that the directors' interests are aligned with shareholders' interests. 40% will vest over two years (in 24 equal monthly instalments); 20% will vest on the later of 30 April 2021 and the share price of the Company having been at least 1.5 pence for a minimum of 20 consecutive business days; 20% will vest on the later of 31 October 2021 and the share price of the Company having been at least 2.5 pence for a minimum of 20 consecutive business days; 20% will vest on the later of 30 April 2022 and the share price of the Company having been at least 3.5 pence for a minimum of 20 consecutive business days.
Since 20 April 2020, the Company's senior employees have also agreed to accept between 20-40% temporary salary reductions during a period of intense workload for both the Board and many employees in return for options (which will be granted on
Sensing a big week coming up, I Am Gold doing there update and presentation, and the interview for Oriole. I believe the board were reluctant to do any interviews until there was anything substantial to update the market on, so hopefully that’s a positive sign.
Definitely not a week to be sitting on the sidelines!
LSE probably won’t do anything but reported you anyway, for the sake of your own health
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MKA/14520640.html
Ascendant Resources Completes Sale of El Mochito Mine
Apr 27 2020
TORONTO, April 27, 2020 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company") announces today that it has completed the sale of its wholly-owned Honduran subsidiary American Pacific Honduras S.A. de C.V., the 100% owner of the El Mochito zinc mine, to Kirungu Corporation (the “Transaction”). Full details on the Transaction, including information concerning certain post-closing matters, may be found in the Company’s April 17, 2020 press release. The Transaction agreement, Material Change Report, and associated documentation are available under Ascendant's profile at www.sedar.com.
About Ascendant Resources Inc.
Ascendant Resources Inc. is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.
Lagoa Salgada contains over 12.8 million tonnes of M&I Resources and over 10.3 million tonnes in Inferred Resources and demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold, and demonstrates. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment completed in 2020. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp - Empreendimentos Mineiros, Lda, (“Redcorp”) and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A. (EDM), a Portuguese Government owned company supporting the strategic development of the country’s mining sector. The Company’s interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.
https://ascendantresources.com/English/Investors/press-releases/press-release-details/2020/Ascendant-Resources-Completes-Sale-of-El-Mochito-Mine/default.aspx
Hopefully this will provide them with the necessary funds for Lagoa
So Ascendant are hopeful of completing the sale next week, subjecting necessary approvals.
https://www.ascendantresources.com/English/Investors/press-releases/press-release-details/2020/Ascendant-Resources-to-Sell-El-Mochito-Mine-4ac5e2a1c/default.aspx
“Terms of the Agreement and Other Required Approvals
The Transaction will be implemented by way of a share transfer in accordance with terms of the Agreement. Ascendant anticipates the Transaction closing on or about April 27, 2020, subject to the satisfaction of all closing conditions and the receipt of all required approvals.”
good call Razoba, the quarterly payment is due as the last one was the 28th Jan, so I guess we should get an RNS next week to confirm?
Exclusive: Argentina plans higher local oil price to protect sector amid rout
https://t.co/oI8RcOaSea