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Plans to value add (search for pig!) would be welcome news, a steel even :-)

Brilliant @Dallas! Finally a searchable document.

It makes you think about different styles of leadership - If we do have someone lined up for the $85m a certain previous CEO would be hinting about it to the moon! :-) lol.

i.e. it looks like new project debt to me provided from a potentially redacted source, or to be arranged.

It's defined here:

===[
1.1.17. "Dip Finance C": e o emprestimo a ser concedido pelo Financiador do Projeto ao Devedor, no valor minimo de USD 85,000,000.
]===

which according to google translates to:

===[
1.1.17. "Dip Finance C": is the loan to be granted by the Project Financier to the Debtor, in the minimum amount of USD 85,000,000.
]===

Probably best you read it. The $85m is something completely separate to DIP 1 and DIP 2, and I think what I suggested before your post is more likely. But always good to see ideas thrown out there - often triggers other ones! :-)

Page 15 of the investor presentation has "$24m equity" towards the end of 2020. $24m + $3.5m = $27.5m. Coincidence? I think not. In which case it suggests the previous $49.14m Sino debt is separate to the new $24m Sino + $3.5m Cadence loan to Dev in DIP 2. Which also suggests our $3.5m isn't required for some time yet...

Lol @Barksy. How are you doing that! :-) @tomcat - I'm currently trying to understand the relationship between the $49.14m and the $27.5m. Any ideas?

Cheers @Barksy. How odd that your post brought the share price down by quarter of a pence. Keep it up! :-)

That's also my take @tomcat.

Yes it does:

https://www.paragonfinancial.net/how-factoring-works/articles-resources/factoring-articles/debtor-in-possession-dip-financing-company-bankruptcy/

Yes 5.2.3. But it's complicated, because I think our potential $3.5m is included in that $27.5m loan from the investors to the debtor - if you read the preconditions.

And what about DIP Finance C for $85m!? and those redacted names earlier in the document. Makes me wonder if they've got someone lined up...

Does DIP in this context stand for Debtor In Possession?

But look at the ticks on page 9... It feels like an order of events with the 99.9% unticked.

Only 1 page! There must be a faster way. lol. @Dallas?

Have you got joao translating that document yet? There is much more in there that is new to us - well at least I didn't know, or had forgotten! ;-)

I believe it's the settlement with the secured bank creditors, or a judge ruling them to unsecured status which will allow the 99.9% to be transferred.

99.9%...

Ok, that might have been a bit harsh. He did emphasise on several occasions that they are there to protect us, and perhaps he thought it obvious because of that it meant we could waive them? Obviously we'd be mad to go for the 20% without at least some of the key preconditions being executed though - like the company owning 99% of the project for starters! lol.

That's right @tomcat - it appears to be the case that the preconditions were there to protect us, and importantly, we can waive them at any time. Now, someone tell me why the bleep didn't @Kiran make that clear!?

Cheers @Bannor. I know it's a bit circumstantial, but I'm hoping we've got the $3.5m covered from an SoA. Or at least the astute are being led to believe that. Why else would one of our key assets fail to be mentioned on multiple occasions? If Amapa comes good and we get a decent SoA price I think we'll hear no end of "why didn't I load up when it was single figures!?" and the evidence (circumstantial!) was there, as the share price (hopefully!) rockets to recovery. You won't hear it from me. I've DMOR and this has been and continues to be a stonking (still risky though) buy ;-)

And yes, it would be quite sad to lose the one I'm thinking of for anything less than double digit millions - so fingers crossed they want what we got, more than we want to sell it! $100m would be nice. $10m would be OK. I suppose. lol. :-)

Here's the link to the document:

https://pje.trt8.jus.br/primeirograu/Processo/ConsultaDocumento/listView.seam

type this in the box: 20012416350764800000023996777

Click Consultar.

Use the live camera translator facility of the google translate app on your phone to translate the pdf paragraph by paragraph on the computer screen. Other methods are available - like learning to read Portuguese for one. lol!

Ob.

I can't cut and paste so I'm going to type it out word for word and hope I don't make any mistakes as it's quite a critical paragraph:

===[
5.1.1.3. As condicoes precedentes do DIP Finance A sao definidas em beneficio exclusivo do Investidor, que pode renunciar ou dispor de quaisquer dessas condicoes.
]===

which google translates as:

===[
The preceding conditions of DIP Finance A are defined for the exclusive benefit of the Investor, who may waive or dispose of any of these conditions.
]===

I take this to mean that we could release our $2.5m at any time and take ownership of 20%. But DYOR. If you can't find the document or read/translate it, I'm happy to help guide long term holders.

Good luck!

Ob.

@Bannor : 5.1.1.3