p.s. The local Brazilian J.V.-Partners -being locals would be aware of much -any
concerns they held would very likely have been discussed with MGT during
negotiations, its somewhat reassuring to see them give up their Gold royalty &
entre the Capital Raising & double holdings from 4% to 8% & thus becoming
substantial holders on the registry- this is strongly implies confidence
this is one aspect that hasn't received much in the way of consideration.
salt
Quote - from same Ann
As part of this raise, Orinoco’s Brazilian Joint Venture partners become substantial shareholders further aligning with Orinoco’s ‘Back to Basics’ approach towards delivering shareholder value.Orinoco’s Chairman, Joseph Pinto, commented, "With a strengthened balance sheet and lower cost base, Orinoco has now established a very robust platform to aggressively pursue our planned gold production ramp-up and exploration program over the coming months.
- I am also very pleased that our Brazilian joint venture partners have increased their combined ownership in the group from 4% to 8% as part of this raise.
- We value strong in-country local partners and look forward to a closer working relationship going forward.
- We are thrilled by the ongoing support of existing and new shareholders in this share placement and hope to return their faith with results from our ‘Back to Basics’ approach."
- Commissioning of Hammer Mill 3 at Cascavel is going to plan and a second shift will begin on March 26.
