Interesting points:
Westmarket Lithium Holdings Pty Ltd was only registered on the 26th November 2018
Name changed to Westmarket Oil and Gas Pty Ltd on the same day
A private company registered in Western Australia - Directors Mark Wallace and Anthony Hamilton
Southern Georgia Project is in the Northern Territory but Westmarket is trying to list on the LSE and not the ASX
The sale of Southern Georgina Project is dependant on listing on the LSE
@Big Kahuna 101 which was expected to be July 2019 (fail) there is no AITL currently for Westmarket Oil and GAS on the LSE
The sale of the project will bring in $500,000 minus $50,000 (success fee paid to
Westmarket Capital PLC) and $25,000 (success fee paid to
GTT Ventures) but there seems to be some uncertainty; from the announcement "fees will be
paid on any consideration actually received by the company"
The company has some 430,000,000 shares available for any placement/cr/RI (whatever course they take) under the capacity rule (without shareholder approval)
430,000,000 at a VWAP of $0.003 (at best?) will be $1.3M (approx)
Add the $425,000 (when Westmarket lists)
$180k in the kitty (from cash flow report)
So approximately $2M for any acquisitions less estimated outgoings for the quarter
IMO, as GLV are selling and changing their core business, they will be required to reapply for admission to the ASX, or will they abandon ship and head to the LSE?
Deja Vu ?
Anyone else curious of how a "new" established company without any track record of Oil and Gas will be able to "sell" themselves and the project on the London Stock Exchange.
But todays announcement will be interesting indeed
cheers
