irvine island – opportunity for development, page-49

123 enen, you wrote:

""Pluton must not enter into any binding agreements for any further financing for its Cockatoo Island Project without obtaining Rizhao's prior written consent except for a placement of ordinary shares that do not require shareholder approval" "


Well, PLV better get their finger out from you know where because, with the sp at these current rates, and while being limited to the amount of shares that can be issued without requiring shareholders approval, how can we meet our commitments and ongoings.?? We need $10mill by mid July don't we.??



""I just have a sense that this is a response to what Rizhao perceive as a shafting from PLV.
I have a sense that this is Rizhao showing PLV how displeased they were and showing that they have the leverage .. not PLV. Is it perhaps Rizhao setting PLV up to fail?""


Unfortunately 123enen, I have to agree with you. As such, I perceive that RIZHAO/WEG has got us well and truly by the short and curlies.
And, if that is the case, I fail to understand as to how the Management and Board have agreed and signed to get us into this strange and hurtful position.

Most importantly, how far are we tied up with RIZHAO/WEG and with GNR. Have they got a noose around our neck with Irvine as well.??

I think that they (Board and CEO) better come out asap and tell us the real and full story, and on how they can and will manage to get us out of this mess.

Maybe we should have walked away from Cockatoo altogether during those negotiations and just concentrate on what we have at Irvine Island. There will be a time that we will receive the EPA approval and when the mine will be worth something. And not with any Chinese involved either. God Forbid.

I am now wondering, (and hoping), if we would be allowed to find someone that is prepared to pay out the Chinese loans altogether and either make a JV with us, or just taking a controlling stake in Cockatoo instead.??

IMHO, there could be a very fine line in there. But, nevertheless, well worth exploring.

After all, the agreement is clearly stating that: "Pluton must not enter into any binding agreements for any further financing for its Cockatoo Island Project without obtaining Rizhao's prior written consent"". In that, I can only read that RIZHAO won't agree to be diluted in any ways or form from the hold they have on us, nor running the risk of loosing the iron ore that they have paid in advance for via some pre-sales agreements.

So, if I read that correctly, PLV is only limited/restricted to not be raising any more money for it's Cockatoo Island Project. It doesn't say that we cant' sell part of our interest to someone else, or for someone else, (whoever it might be), entering the scene and taking over from where we left off.

Conjectures yes, but well worth some thoughts and discussions.