This is actually better than the original agreement.
US$10m for 22% of Phobos (which holds the Phosphate project) values 100% at US$45.5m or A$69.4m
We presently have a MC of around $46m - so a 50% premium on our present value.
Based on our SOI it works out to the 8c a share originally proposed.
However it's just for the Phosphate, we keep 100% of the Green Ammonia, P4 and any other projects we decide to embark on.
I'd expect tranche 1 shortly so they can start construction, the announcement implies construction will start with tranche 1 - no waiting for BAI, IDC etc.
WE WILL START CONSTRUCTION SHORTLY !!
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Ann: US$10M Subscription Agreement signed with FSDEA, page-4
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