"unless you have seen the contracts I am not sure of the terms of the $1M for exclusive access"
@seanc_au1
Exclusivity Extension Payment – The payment of $1.0 million was made by SIMEC to the Company during February 2019 in order to extend SIMEC's exclusivity rights.
From Page 16 [second last paragraph] in the EGM Notice of Meeting, that $1.0 million reads like it will be credited to SIMEC by way of SIMEC acquiring a 0.833% direct equity interest in the Iron Genesis Project. It did not say it will be refunded in cash if the EGM Resolution did not pass.
Note: $1.0 million for a 0.833% interest, on a 100% basis, equates to a $120 million ‘valuation’ for the Iron Genesis Project.
Cheers
These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
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