That GXY pulled this stunt with what amounts to a relatively small amount of money (given the resource size and quality etc), I hope they get seriously outbid and outmanoevered, and that their repayment is essentially treated as a 'finders fee' by a major.
??? I see people still point the finger at GXY for this situation, forgetting it was Tribeca technically that started the process ? Maybe also have a look at MC and previous Alita management in this case - just sayin' ! From memory MC indicated other offtake agreements were close to being completed for months in the lead up to this situation ?
The lenders, led by Tribeca Investment Partners, have issued a notice a default relating to an existing A$40mn ($27.2mn) loan facility being used by the company. Alita, which was previously known as Alliance Mineral Assets, said the default relates to non-acceptance by the lender of an updated life of mine plan and Alita suffering from weaker lithium spot prices and reduced demand for spodumene concentrate.
I also shake my head that some on here believe that if GXY get outbid in the process that they will fair much better as shareholders ? I am no expert, but sadly I am not seeing that in this case ?
GLTAH
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Not Held
Maybe also have a look at MC and previous Alita management in this case - just sayin' ! From memory MC indicated other offtake agreements were close to being completed for months in the lead up to this situation ?
