CeriumPty Ltd is not owned by Tanbreez. It is a company in its own right, in whichTanbreez has no shares.
Cerium gets cash and shares from EPM in exchange for Cerium’stenements in Greenland. They also have the right to nominate a director to EPM’sboard.
This dealis set out in EPM’s announcement to ASX of 14th January. Pages 9 and10 detail where EPM’s cash and shares will go to for its purchase of Cerium’sinterests. Note that the column headed Paid / Issued to ThirdParties is qualified below in the agreement - “Third Parties noted in the table above willbe nominee(s) of Cerium.”
Soonly Cerium gets EPM’s cash and shares, with the right to distribute theremaining shares. Yet the odd thing is that the announcement states that:
Pursuantt to the Agreementbetween the Company, Cerium Pty Ltd (Cerium),Rimbal Pty Ltd (Rimbal) and Greg Barnes, the Company has agreed, subject to satisfactionor waiver of certain conditions precedent to acquire the Assets fromCerium and Rimbal (together, the Sellers).
So weare not told how Rimbal is rewarded with shares or cash. Only Cerium ismentioned in the details.
Whatkind of a company is Cerium Pty Ltd? All the information about Cerium is in thepublic domain on ASIC’s pages. You do however have to pay for the informationabout ownership. I did, and this is what I found.
Ceriumwas first registered on 15th October 2020 – just three months beforeEPM’s deal was announced.
Thereare ten Cerium shares on issue. These ten shares are split into a 4 to 6 ownershipby two private companies. These two companies are owned by a couple of youngpersons born in Afghanistan, but now living in Perth. So these two persons havetotal ownership of Cerium.
As Isaid, all the above is in the public domain and accessed by searching ASIC’srecords for Cerium Pty Ltd or ACN 645157 115.
I don’tknow how Cerium got hold of tenements and minerals in Greenland, which Ceriumillustrates at https://cerium.net.au/index.html
Goodluck to them. I wonder who we shall get as their nominated director.
(20min delay)