The ASX Casino - Weekly Shell List, page-3679

New shell - TTW

-3.75 mil cash

-EV at 4c is ~2.3 mil
-Only 153 mil shares on issue

-Top 20 own 60% with GTT owning 15-20% of that and a mandate to bring on an advanced project

-Managing Director Leon Pretorious is largest shareholder with 8.5%

-All the right people are loaded to the eyeballs here to want to bring in a good acquisition

-Specific mention to acquire Advanced Vanadium/Cobalt assets in Africa/North America

- GTT incentivised to get the price past 10c - with 6 million performance shares
- 3 million vesting at 7.5c
- 3 million vesting at 10c

-Cash burn was high for a shell at 500k, crossed this info with the company and confirmed it is around ~150k, they had noted ~500k for the last quarter as well, but only ever spent ~150k. So cash burn low as well.

-Current MD was an executive director of Paladin Resources (Uranium play in Africa), when it was the market darling taking the company from 1c - $1.10 before he resigned in 2005. I would imagine he would have a lot of in country experience and connections as he is also South Africans himself

Cheers
Moush