Ann: Additional High Grade Lithium Intersected at Cancet Project, page-84

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13 Posts.

20/12/17

23:32

Post #: 29787191
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Originally posted by bipul016 ↑

I was wondering why BCC hasn't deposit the money and started buying from market yet?

The answer is;(From the company ann)

As a Chinese public company, BCC is required to secure regulatory approval in order to remit funds outside of China for investment purposes. To enable BCC to satisfy approval criteria, MTC is required to demonstrate sole legal and beneficial title for the majority of its core tenements.
At present, there are a number of tenements that are in the process of being transferred into MTC subsidiaries pursuant to various acquisition agreements and third party ‘staking’ arrangements (MERN Transfers).

Whilst this is merely an administrative exercise, in order for BCC’s regulatory approval process to be complete and for BCC to complete on the Investment, the MERN Transfers must be complete. The Company is working to accelerate this process and believes that based on consultation with Quebec Government, the outstanding MERN Transfers will be complete by the end of December 2017.

The Company notes that BCC has stated that it has completed and is satisfied with technical due diligence in respect of MTC and its projects, and is only waiting on confirmation of the MERN Transfers to satisfy its financial and legal due diligence.

For these reasons, BCC has requested and MTC has agreed to extend the payment date under the Investment to within 20 business days of completion of the MERN Transfers.

So, IMO, there will some action by the end of December, That's mean now is the time to accumulate.

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+1 bipul, a nice time to buy a Christmas present or maybe shop after boxing day with all the fear in the air.

MTC Price at posting: 25.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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