Member Info for okenia

I mentioned other similar deals, 'neurology' Here's the terms for the sale of 90% of the Clinchco met coal mine, owned by Cobalt Coal. Total purchase price: $25.85m Payments: Year 1: $750,000 initial payment Subsequent years: Annual payments of $2.5m or $5m (which amount being dependent on the previous years' clean coal production quantity) >>>> Ie with good production the revenue-sharing sees the $25m paid off in fully over five years, after which the purchaser now gets 100% of the revenue. So as you can see, $750k plus the ability to then be the operator of the mine gets you a $25m mine. MET have more cash so they can go for something bigger.

And as for Delaware being "secretive", I'm afraid that's patently untrue. Like other States, Delaware requires companies and LLCs to file a whole stream of information on a regular basis - much more so that Companies House in the UK, as it happens. What is true is that most US states don't have an advanced (and free) public e-access system to their company filings like what we have at CH, and Delaware is no different in that sense. If you want to see annual reports, Uniform Commercial Code UCC filings or whatever you have to do it the old way and pay $10 or go via an authorised agent. https://corp.delaware.gov/ucc.shtml Delaware is a perfectly normal US state in which to register a company and is probably a lot better set up to do it efficiently than some clunky fly-over State. But ten out of ten for trying to create some sort of conspiracy theory here!

To answer your question of "why Delaware?" might I refer you to the following by way of answer? https://www.delawareinc.com/corporation/ "The Benefits of a Delaware Corporation The state of Delaware is often viewed as a haven for corporations due to its advanced and flexible business formation statute. In addition to Delaware's established and flexible business laws, Delaware has been rated as the state with the best legal climate for 10 years in a row by the U.S. Chamber Institute for Legal Reform. Due to these benefits to incorporating in the state of Delaware, over 50% percent of publicly-traded companies in the U.S. and 65% percent of Fortune 500 companies are incorporated in Delaware. Delaware has been the premier state for incorporating businesses since the early 20th century and, to date, nearly one million companies have formed corporations or LLCs in the state." Half of all listed companies in the US choose to incorporate in Delaware because it's a really good State in which to form a company - and since MET has to be incorporated in some US state, why not choose the easiest and most efficient and the one chosen by the vast majority of other US companies?

Well unless it's been invaded by Trump overnight, the BVI ain't a US territory whereas Delaware is. I'm not sure why you're giving poor Delaware such a bad rap. It's a US state. It's not some dodgy offshore tax haven. If you're registering a private company in the US you do it at state level. They chose Delaware.

Someone asked why MET is a US registered company. That's pretty standard in almost any natural resource company - the licences and other legals are held in a company registered in the country where the asset is located. They're almost never held in the London-listed mothership. I'd be amazed if a US coal asset could be held directly in anything other than a US registered entity.

Booboo: "I see now ,well obviously you can buy a coal mine for $3M." Yes, you can as it happens. These sort of deals are done as production-based defcons. The issue with an industry that's emerging out of a low is that you've lost much of the workforce - it's been dissipated. If you want to expand and bring mines back into production, you need good teams. Unfortunately they're not readily available, just sitting around twiddling their fingers. The result is a load of assets where the bottleneck is the vendor (often simply the landowner who happens to have the hill of coal on their patch) being without the skill themselves to mine it, and unable to bring together a good team to do so. The solution to this common issue is a production based, staged payment. An initial payment to secure the deal, followed by annual payment dependent on production and revenue. In essence the vendor and operator share the revenue for the first few years, then it transitions to the operator taking 100% in later years. This is good for the vendor as what the purchaser must bring to make this work is that missing team. And it's good for a purchaser that doesn't have very large amounts of capital to deploy, BUT does have the technical and management skills to run a mine (eg LH). As with all good deals, it's good for both parties. Allowing for some spare cash at MET for working capital, a bit of start-up opex etc, then I'd say $3m would be enough to get an asset with a total value of in the ballpark of $50m. That's by nearology with other deals I've seen in the area so is very very rough! What RGM are doing is giving LH greater firepower so that they can go for bigger assets. A big asset takes similar management time to a small one, but generates more money and so your over margins are likely to be better. The JV between RGM and LH is thus good for both parties, too. Vendor, LH, RGM. Win-wins all round. That, booboo, is how you buy a mine for $3m.

Hi Just to give some comfort, PwC are not selling stock. That's not how a SAR admin works. (Those of you who follow me on twitter will know I have some insight into this). Any SAV stock in BACSL will be locked down until no earlier than the beginning of Sept (the proposed distro date).

Pembridge isn't an AIM stock.

AGMs aren't the places where new info is released. If news comes, it has to be released without delay and by rns. Hence why I didn't go!

Yes plus took stock in the 2p Teathers placing and recently exercised my 3p warrants. I've been impressed by Matt basically just getting on with the job and deliverying what he said he'd deliver. Can't really ask for more than that (although the rise in POO has been an added bonus!)

I didn't bother to go as this is just boilerplate stuff from last year. The upcoming GM for the Minto acquisition may be more interesting. Also, it's sunny today.

There will be a separate GM to authorise the share issuance for the Capstone deal. My guess remains that this GM will be sometime next month. Pop along and say hello to everyone - I'll most likely be there (look for the bloke in sandals)

That would be called the Audited Accounts - and you know when they fall due.

Investing in just about any junior resource company on AIM (look at the charts) around 2011 was an act of monumental folly. They were clearly very toppy. Being ramped into such stocks at that time - when everyone was high-fiving you for having picked such a great investment! - was utter stupidity. But investing is a zero-sum game often, and these momentum trades need new mugs to take the stock at the tops. It's called Winner's Curse. The only thing worse than being left holding the baby is not accepting personal responsibility and the possibility that you might have made the wrong decision. Because your ego takes over, you average down as the SP falls (as they always do from tops). You're right, the market is wrong, keep filling your boots! The final stage of this too-familiar little emotional roller-coaster and failure to accept personal responsibility is to now start arguing that the company (which you liked, because you invested - and liked even more as you averaged down) is not actually a good investment after all but some scam / lifestyle co / whatever. These junior stocks are exciting because they can give 10x 20x 100x returns in a bull phase. But you can also lose 99% of your stake if you get your timing wrong. Some people don't have the skill set to invest in this space and shouldn't. Others do, and make spectacular returns. But please, don't blame anyone other than yourself if you're not up to the job - just find an investing niche elsewhere that you can be successful in.

Even though they're suspended they still have to release material news in a timely fashion. So yes, in principle there could be good news (other than the expected prospectus / fundraise / GM) dropping any day now. Not that we can do much if that happen, sigh. There will be plenty of warning of resumption of trading as there will need to be a GM vote.

Have a look at the 2018 Q1 financial statements and MD&A for Capstone http://capstonemining.com/investors/financial-reporting/default.aspx "Minto Mine (Discontinued operation) The Minto Mine is a copper mine located in Yukon, Canada. In accordance with IFRS 5, Minto is considered a discontinued operation for financial reporting purposes for the quarter ended March 31, 2018." - p23 So as of 1st April Capstone are no longer viewing Minto as being on their books. All the subsequent production and revenue therefore goes .... where?

Twitter is fine, you can just follow people without having to post anything and just view it as a news feed.

levi - I went to the Canadian Mining Symposium at Canada House in London (the high commission) last week for two days. Those of you who follow me on twitter will have seen the pics and commentary. First person I spoke to (turns out local Yukon govt/admin person) asked me why I was there, I said because of Minto/Pembridge, "Oh yes I know them, I was speaking to them just yesterday". Pembridge were quite well known by everyone there to the extent that the CEO of Atac Resources (a $100m mcap gold explorer) put up a map of the Yukon to explain where their asset was, and it had 'Pembridge/Minto' in big letters right in the middle. So PERE are literally 'on the map', lol. The deputy minister of mines for Yukon was there as well (did a presentation and Q&A) and c/o Ali at PERE I wangled an invite to a Yukon-focused lunch on day two, where I plonked myself down next to the minister and bent his ear for 90 minutes. Very supportive of Minto and what Pembridge are doing, loads of good vibes. The mine is a significant employer in the area - the Yukon is incredibly low population density and this really is a big deal for them. So came away from it with the impression that, at least from the Yukon and local mining community perspective, it's all a done deal and they're fully behind this.

And there's the mine closure / remediation costs to factor in. You don't just walk away from a mine once exhausted. Somewhere in the accounts there should be the sum needed for this - it's the other big liability alongside the (won't be fully repaid before mine exhausts) Orion loan.

You'll recall that WRN requested it be suspended. How did that turn out ?