Member Info for Pricey2019

Mr T

I got the information from a page that provides Asiaphos PLC company announcements -

https://sginvestors.io/sgx/stock/5wv-asiaphos/company-announcement

When you consider that UKOG has a value of £44m based on a history of dilution and not a drop of oil to its name, the fact this company is valued at £32m is nothing short of insane.

It appears MMIH's reverse takeover of Asiaphos PLC is off, due to a lack of funding on MMIH's part.

https://links.sgx.com/FileOpen/Asiaphos%20-%20Termination%20Announcement%20Final.ashx?App=Announcement&FileID=656145

Two initial thoughts spring to mind. Firstly, this is negative news as it leads to more uncertainty as to what's happening with the mine, whilst BZT's license currently expires in November '21 (although I understand an extension is currently being sought).

However an alternative view is that the deal with MMIH was done some time ago, when the copper price (and accompanying sentiment) was much lower than it is now. As such, should the company find a new partner, I'd expect the terms to be more lucrative than were confirmed with MMIH.

Time will tell whether this news is an advantageous opportunity for BZT.

Hi 8ead

From a previous conversation with Colin Bird on 5th February, he said that he hoped contracts would be signed that allowed drilling and testing to start at the Kanye Manganese Project in "mid March".

We also know he was travelling to Botswana when we spoke to him on 8th March (he said he liked to visit the sites of the projects he's invested in), so I'd hope you are correct in that drilling should have begun, or will be starting sometime very soon.

Ahh, thanks Bitcoinbuyer.

I guess the question still arises though as to why, if BZT was seen as a no-hoper, such an experienced individual (or parties linked to him) would acquire a stake in the company of over 8%? I appreciate that some of the holding arises from the Metrock deal, but ultimately you have to be content to receive the shares in BZT as consideration.

Anyway, let's hope this signals interesting times ahead. : )

Interesting little precis of who our investor is - https://www.businessnews.com.au/Person/Christian-Cordier

I'm particularly interested by what it says about his experience in arranging venture funding and seeing projects through the entire process of development. The obvious question is why would a character like this be involved with BZT unless we were getting near the point such a skill-set was needed?

I can't understand the market's inability to see what's going on here.

The average P/E ratio for an oil producer is 16.5(ish), which, at current levels, should give us a share price of around 7.9p. The fact we're just over half of that leaves me shaking my head.

Today's RNS isn't anything special, and nor did I expect it to be.

Drilling holes and analysing cores is "run of the mill" activity for explorers, and these results simply confirmed Colin Bird's previously stated understanding of the areas in question. This form of activity will slowly and surely continue until a full picture is built that will (hopefully) be attractive to a medium or large miner. The increased copper price helps, but our future will be based on good, solid exploration and analysis.

I don't hold with these predictions of 10p etc. however I think that any shorter term re-rating will be born of progress with MMIH Limited and their takeover of Asiaphos PLC. The overarching agreement between the two companies was announced on the 13th November and Colin hoped the due diligence would be completed within the following five months. Therefore I'd hope our share allocation will be secured at some point during Q2 of this year.

Of course, we are then prohibited from selling them for a period of time, but maybe the holding can be used as collateral to borrow against?

Slow and steady does it. Today wasn't going to lead to a re-rate, but it is another step along the path to growth and an increased valuation.

Hi Prickly

With regard to the warrants, I calculated (in a post dated 22nd October) that there were 828,125,000 shares in total that arose through the warrants attached to the fundraises of 19th June and 20th August.

I've just been through the RNS' from 9th October to 10th December inclusive, and the total number of warrants exercised to date appears to be 430,625,000 shares, being 52% of the total created under warrant.

The "drag" of warrants being exercised will diminish over time, as fewer people exercise them due to a lack of funds etc. and not all warrants will ultimately be exercised. In short, if damage is done to the share price through warrants being exercised, I think the bulk of that damage has been done. I would expect to see shares exercised under warrant being less frequent and fewer in number.

Very possibly. Some good news contained in the interview -

- Updated Jorc 2012 report has doubled the resource as outlined in the previous Jorc 2004 report.
- They hope to complete the RTO of AsiaPhos PLC "quickly", and
- The feasibility-study team are currently being put in place re. Mankayan to conduct the study over the next 12 to 18 months, after which disposal decisions can be made.

I was very pleased to hear MMIH talk of Mankayan as the "flagship" asset.

AsiaPhos (the company MMIJ Limited is looking to reverse takeover as part of the disposal of Mankayan to MMIH Limited) has requested a trading halt, effective immediately.

I can only imagine that this is in accordance with the Term Sheet being agreed between the parties (the deadline for which was Sunday), thus beginning the RTO process.

saint-tropez, I would be slightly wary of Bezant ultimately benefitting from the sale of 80% of the Mankayan mine.

Due to the delays encountered through MMIH Limited's aborted RTO of China Hongxing Sports Limited, the deal now looks almost entirely dependent on whether the project's Mineral Production Sharing Agreement (MPSA) is renewed by the Philippine government on 21st November 2021. If the MPSA is not renewed, MMIH Limited have the right to claw back the shares issued as consideration for the deal (being those valued at £5.6 million), if indeed they have been issued by that point.

I also note that the long-stop date for the RTO to take place is 12 months following the Term Sheet Expiration Date, which is now 15th November 2020. This means that the RTO may take place six days before the current MPSA potentially expires.

Finally, those shares that are received by Bezant have a lock-in period, during which they can't be sold. The period is the shorter of six months, or a "Moratorium Period" that isn't specified in the sale documents issued in October 2019. Either way, the sale shares cannot be encashed immediately.

Therefore whether BZT receives any liquidity for the sale of Mankayan is almost solely dependent, in my view, on whether the MPSA is renewed in November 2021.

saint-tropez, I would be slightly wary of Bezant ultimately benefitting from the sale of 80% of the Mankayan mine.

Due to the delays encountered through MMIH Limited's aborted RTO of China Hongxing Sports Limited, the deal now looks almost entirely dependent on whether the project's Mineral Production Sharing Agreement (MPSA) is renewed by the Philippine government on 21st November 2021. If the MPSA is not renewed, MMIH Limited have the right to claw back the shares issued as consideration for the deal (being those valued at £5.6 million), if indeed they have been issued by that point.

I also note that the long-stop date for the RTO to take place is 12 months following the Term Sheet Expiration Date, which is now 15th November 2020. This means that the RTO may take place six days before the current MPSA potentially expires.

Finally, those shares that are received by Bezant have a lock-in period, during which they can't be sold. The period is the shorter of six months, or a "Moratorium Period" that isn't specified in the sale documents issued in October 2019. Either way, the sale shares cannot be encashed immediately.

Therefore whether BZT receives any liquidity for the sale of Mankayan is almost solely dependent, in my view, on whether the MPSA is renewed in November 2021.

With regard to the reverse takeover of Asiaphos PLC by MMJV Limited on the Singapore Stock Exchange, the term sheet termination date has been extended by 15 days.

The update from Asiaphos reads -

"As the Parties are still negotiating the terms of the Definitive Agreements and remain keen to
proceed with the Proposed Acquisition, the Parties have, pursuant to the Extension Letter,
agreed to extend the Term Sheet Termination Date to 15 November 2020."

BZT will receive £5.6M in shares as part of this deal (as per various RNS' regarding the disposal of Mankayan), payable when the RTO is finalised.

Hi Trellis

Yes, I recall that you don't have the highest opinion of old Mr Read! : D

Anyway, it's nice to see you well and in good humour.

Hi Trellis .

If your friend wants to do some research on Asiaphos, then this site containing all their company announcements might be a worthwhile read - https://sginvestors.io/sgx/stock/5wv-asiaphos/company-announcement It's what I'm keeping an eye on with regard to whether they announce the acquisition of MMJV Limited.

MMIH are more of un unknown quantity to me, however before his departure Laurence Read was impressed with the calibre of people they'd added to their Board. He believed it made them a "more serious" company (if I recall his wording accurately).

Hope that helps.

The "contract update" refers to the reverse takeover of Asiaphos by MMIH Limited on the Singapore SE. The parties have until 31st October to move the process along, otherwise the heads-of-terms as previously agreed expires - we're therefore anticipating an update shortly before or after the end of this month.

I assume the comment regarding the JV refers to Colin Bird looking to bring in another party on the basis that the imminent drilling results are suitably attractive.

Enrico - There are two tranches of warrants arising, one from the fundraising of , as you say, 19th June and one from the later fundraising of 20th August.

The 19th June raise offered those participating a 1-for-1 warrant that could be exercised for .16p. The 20th August raise offered a 1-for-2 warrant again exercisable at .16p.

On that basis, given the size of the two fundraising rounds, I think there are 828,125,000 shares available under warrant that when exercised will provide the company with a further £1,325,000 in total.

In answer to your question though, I don't know which round of fundraising these particular warrants came from.

There's no doubt this is a "hold" for me.

I don't see any particular rise being evidenced over the coming week, but I'm aware (as per the company's RNS of 5th October) that the next stage of the reverse takeover of Asiaphos by MMIH Limited has to be completed by 31st October 2020 -

"The Term Sheet provides for the parties to enter into definitive agreements relating to the Proposed Asiaphos Acquisition (the "Definitive Agreements"). The Term Sheet shall automatically terminate if the Definitive Agreements are not executed by 31st October 2020 (the "Term Sheet Termination Date")."

We therefore get to see how serious MMIH Limited are by the end of this month. If they're serious, that should push the share price on again.

I'd then hope to see drilling results in November.

Agree with the title of this tread. Earlier today, Glencore's Chief Executive stated that the company will be running down its 26 coal mines and will instead plough more of the revenues generated by its coal business towards mining metals such as copper, cobalt and nickel.

Somebody noted earlier that mining explorers across the board were putting on value today, and in my view this is why.