“1 - No error. There is just too much unknown to the market yet. If they say it's a Binding Term Sheet, so be it. A Term Sheet can be legally binding if agreed to by both parties.”
In fact, the only legally binding document would be an executed loan agreement. A term sheet subject to DD is not a legally binding document.
“2 - Maybe you could call it short sighted R08, but we are still under a Prospectus until tomorrow due to BMCG filling their boots multiple times. Lets see what comes”
Irrelevant…management stated drawdown will occur early May. That was a short sighted and an inexperienced assessment on managements behalf - expecting DD and loan docs to be signed within a 5 to 6 week period of announcing the Term Sheet. A rarely achieved execution timeframe.
“3 - No”
So, the EGM would NOT form part of Gemcorp’s conditions of DD particularly around Company policies and Governance ?? Are the DD requirements below innacurately stated in company announcements ?
- reviewing company policies and procedures (including those related to environmental, social andgovernance practices); and
-obtaining any required regulatory or shareholder approvals.
By the way - that 1m share buy prop has been hit. Oops…they didn’t see that coming.
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