350mt massive result, page-24

"Wait till the funds start buying... A bit going on behind the scenes no the JORC is out I would imagine."

Yes your right Ubid,what is it with Jews and Phosphate?

Ive googled Herszberg and Gutnick and got nothing,their community is too small for them not to have met,particularly as their both from Melbourne.

Great result.

Raider


JOSEPH Gutnick has paved the way for a $50 million-plus listing of his Queensland phosphate tenements by taking on fund manager Acorn Capital as a cornerstone investor.

The move is the latest by the mining entrepreneur and former Melbourne Football Club president to advance his $800m Paradise phosphate project near Mt Isa through his company Legend International.

Under the deal, signed last month, Melbourne-based Acorn has agreed to pay $7.5m for convertible notes that will become equity if Paradise Phosphate lists on the Australian Securities Exchange within 12 months. If Paradise doesn't list, Acorn gets a 15 per cent return on its investment.

The deal documents envisage a $20m-$30m initial public offering, which Legend says would leave it with a 60 to 70 per cent stake in the company.

While that would imply a market value of nearly $100m for Paradise, this does not line up with Legend's current market value. The company is worth just $24m, after a share price slide from about US80c a year ago to US10.5c on Thursday.

Under the note deal, the post-IPO value of Paradise needs to be more than $50m.

http://www.theaustralian.com.au/business/mining-energy/joseph-gutnick-to-offer-slice-of-paradise/story-e6frg9df-1226309698936