Additional Call Option15 Jul 2022 15:34
The confusion is no more...
"As part of the agreements with Ascendant, M&FI and AG have granted call options to Ascendant for nil consideration over 12% of the ordinary shares in Redcorp held by AG ("Call Options") so that in the event that Redcorp/M&FI is unsuccessful in obtaining the completion of the 2017 Agreement, Ascendant will be assured of a net 80% interest in the Lagoa Salgada Project. However, if Redcorp/M&FI can secure 100% ownership of Lagoa Salgada then the Call Options are cancelled. The Call Options can be exercised on the date being 6 months after the date on which Ascendant increases its ownership of Redcorp to 80% or immediately if EDM elect to participate in the Project. If the other conditions set out in this announcement are satisfied, and if the call option was exercised, TH Crestgate's and M&FI's net carried interest in Lagoa Salgada would decrease from 20% to 5%. Further updates will be provided in due course as this progresses."
A pity they have been unable to get the percentage off the Port Gov but it is clarification; maybe MAFL will still get lucky as we know the Port GOV are not in the mining business.