Dido7875
I think ERM are setting themselves up rather than ever developing anything with ROG which now is in Junk status.
Terms all in ERM's favor.
Cash position: The decline in turnover generally in the ASX microcap sector and specifically with Red Sky significantly adversely affected the Company’s ability to use the YA Global equity facility. The placement and milestone cash payments from ERM are expected to obviate the need for further near term capital raising.
? New major shareholder: With the placement, ERM will take an approximately 9.5% shareholding in Red Sky. This is a vote of confidence in the Company and Management, and ERM is expected to continue to support Red Sky’s business going forward.
note
? Buy-out option: ERM has the option to buy out Red Sky’s residual interest in permits PEL 457 and 479 for $5million each at any time over the next 38 months. This represents 0.63cps of the 1.58billion ROG shares outstanding after the ERM placement.
ROG permit clips the side of the puddle of Kingfisher (so to speak)
ERM know what they are doing. CMB will be nicely covered with MEL proving it up.
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