RE: Falcon stock certificate12 May 2019 10:11
There's some interesting stuff from point 84 downwards :
83 On 29 April 2019, the administrators were provided with a funding deed executed by Beetaloo for an amount of $100,000, which is to be increased by $900,000 as soon as possible and in any event in not more than 30 days. Mr Eagle said that the first tranche of $100,000 has been paid into his solicitor’s trust account. There is an indicative letter of offer dated 30 April 2019 indicating a proposal by RA Diversified Investments Trust to lend the balance of $900,000 to one of the DOCA proponents, who would then presumably make it available to the administrators. There is still evident uncertainty in that arrangement.
(vi) $5 million proposed equity capital raising
84 The DOCA proponents propose to seek to raise $5 million from an equity capital raising plan designed to exploit the potential value of the defendant’s rights in petroleum exploration permits and its rights under a Joint Venture Operating Agreement (JVOA) with Sweetpea Petroleum Pty Ltd and some Earning Agreements.
85 The defendant holds exploration permits for petroleum extraction projects in the Northern Territory issued by the Northern Territory Government under the Petroleum Act 1984 (NT). The defendant owns some of the exploration permits outright, but some of them it owns jointly with Sweetpea under the JVOA.
86 Mr Eagle says that he has not yet had the opportunity since his appointment to commission a valuation of the exploration permits and that it would take some weeks to complete such a valuation. He does however point to some other evidence which suggests that the permits subject to the JVOA with Sweetpea were valued in July 2017 at over $770 million and that the combined value of the other exploration permits was $30 million.
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