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Both announced after hours. Up to $610M support on Cerrado projects and $190M on Ascendant's.
https://www.ascendantresources.com/English/Investors/press-releases/press-release-details/2023/Tender-Process-Oversubscribed-and-International-Bank-Selected-to-Act-as-Mandated-Lead-Arranger-for-Export-Credit-Agency-Supported-Non-recourse-Project-Financing-for-Its-Lagoa-Salgada-Project-in-Portugal/default.aspx
https://www.cerradogold.com/news/cerrado-gold-tender-process-oversubscribed-with-two-international-banks-selected-to-act-as-mandated-lead-arrangers-for-export-credit-agency-supported-non-recourse-project-financing-for-its-monte-do-ca/
Glad that the Lagoa Salgada option with Ascendant will be priced in the NAV to 30th September as the value of our holdings in Ascendant, Luca and Cerrado have dropped significantly over the last three months. We should still show an increase overall...
I think that's a coincidence. The date they went over the threshold (according to the form at least) was yesterday. The form appeared 3 minutes after a trade of 166,667 shares. This amount would be enough to take them from under 3% to the 3.2%
The “drift back to 9p” bit…
I’d be surprised - there were mooted to be 11 RNS poised for release imminently and we’ve had 5 of them in just two days…
That refers to the price JV negotiated with Ascendant. It cost them warrants in Ascendant for a small delay. JV must have been asking for a lot more for a longer delay (as he should...). This is really Ascendant's problem more than MAFL's.
Agree totally with the interviewer style. He runs a family investment office and I prefer an interviewer who's prepared to say "what's that about?" like he did about the optimising software rather than just nod and smile...
I know the option is payable in cash but what about an agreed variance that a proportion of it could be paid in Ascendant shares. Ascendant market cap less than £14m so even 10% could be a growing stake for future years as resource is increased.
This Luca update from 4 days ago...
https://www.youtube.com/watch?v=XKOkAm0oCnE
Hi Justone, I was the other AGM attendee just over 9 months ago. I'm still in here and hoping for improvement...
Brief update from Mark Brennan about the potential UK Export Credit Agency Project Finance at Cerrado Gold
https://www.youtube.com/watch?v=uXvxCGwF6ps
Same is true of Cerrado Gold announced today - another tie up with the UK Export Credit Agency worth potentially up to US$610 million in Export Credit Agency ("ECA") support via long term ECA Project Finance to cover up to 70% of pre-production costs plus additional support to cover Interest During Construction and Insurance Premium Costs.
Looks like Mark Brennan is probably the common denominator in these as he's CEO/Chairman at both companies...
https://www.cerradogold.com/news/cerrado-gold-announces-potential-uk-export-credit-agency-support-for-project-finance-at-its-monte-do-carmo-and-mont-sorcier-projects/
Https://www.voxmarkets.co.uk/rns/announcement/eff3eb9b-cbae-4e34-b466-780377704ab3/
Close, but resolutions for director removals defeated...