From the Sept 6th Ann from AUZ
Consideration for the 100% acquisition of Sconi in the SPA includes:
• a one-off cash payment of $3.5 million to Metallica Minerals, payable upon satisfaction of transaction conditions precedent(4);
• the issue of $1.5 million of Australian Mines shares(5) upon the earlier of completion of the Bankable Feasibility Study and 30 June 2018 (the BFS remains on schedule for April 2018); and
• a final issue of $5 million of Australian Mines shares (or cash) to Metallica(6) upon commercial production from Sconi (being production from the full-scale processing operation outlined in the Bankable Feasibility Study(7).
Well seeing as we haven't produced the bankable feasibility study or gone into production, the only remaining conditions precedent that could be nullified are the 1.5m payment or shares(for BFS) and the 5m payment or shares (for production)
So until the 8th when we hopefully get a good reason why we've stumped up the cash for 100% sooner than planned it's purely speculation that
Any other speculation between the 2 companies and this tenement. For me I see it as a positive move for AUZ to get this done pronto, regardless of the reasons?
- CLQ (or possibly someone else?) want our sconi tenement but want no hassle with the MLM ownership?
- Someone is looking for an MOU/offtake/deal and want no hassle with MLM ownership?
- MLM need more cash asap and willing to part with the remaining conditions for a lot less than a future payment?
- Management thought why not throw a low-ball offer and see if they bite knowing more than MLM do right now regards to size/grades etc?
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- Ann: MLM: SCONI Sale and Purchase Agreement
Ann: MLM: SCONI Sale and Purchase Agreement, page-69
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