Member Info for Pricey2019

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.