They are referring to "Magnis" as the parent entity responsible for ALL its Subsidiaries - In Tanzania, there are Uranex (Mining company with SML) and MTT (Technology Company with SEZ).
Magnis the parent entity has overall responsibilities for all its subsidiaries - including paying "applicable" taxes where required to do so.
That is why we have Uranex - its going to pay all its taxes; and Magnis is going to offer for free to the Tanz Gov 16% of its capital (ie. Uranex).
Get this: The additional Taxes for the Minerals is paid by URANEX.
Not MTT.
MTT which is subject to SEZ legislation. It is NOT a MINING Company (Yes, read it again). And it has the benefit of TAX breaks for 10 years!!!
MTT is a Separate Legal Entity to Uranex.
Magnis as the Parent company pays all its taxes where required to do so.
It complies with all applicable laws within the amended Mining Act, where its subsidiary are required to do so.
As the Parent Company - Magnis is NOT abrogating its responsibilities to taxes or Free Carry contribution to the Gov (refer to Uranex) unless specially allowed to do so, as per SEZ for MTT.
There is NO Where in the Public Notice which refer to INDIVIDUAL entities (such as Uranex or MTT) within Magnis - rather, it refers to Magnis as the PARENT COMPANY being responsible.
Go on, prove me wrong.
Go call the Tanz Gov and subscribe to these newspapers.
MNS Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
(20min delay)