"Yes a LOI just like the previous MOU’s."No, maybe not at all...

"Yes a LOI just like the previous MOU’s."
No, maybe not at all like the previous MOU because the PC with the IDC was for the MOU to be converted to a binding contract. A binding contract would have been much more important previously considering the business plan was dependent on a single customer. The fact that the company has now received interest from a much wider, diversified customer base might mean that the banks are no longer requiring a binding contract from any one customer. LOI's from multiple customers appear be good enough and we are now not hearing anything about any PC's for binding contracts the way we did with Carrinho.
Both of the two financial institutions have moved forward as if they are satisfied with the sales plan.


"Targeting first drawdown by July 2025, subject to final Conditions Precedent being completed, further updates include:• Angolan Sovereign Wealth Fund US$10 million equity subscription has satisfied the Condition Precedent for an equity investment.• Once signed, the Banco BAI Facility will satisfy the term loan facility Condition Precedent.• The offtake Condition Precedent is currently being updated by the IDC in line with the Company’s sales and marketing strategy to diversify away from a single customer strategy to a broad base of export and domestic sales, with the 120,000ktpa expected to be satisfied from a mix of export markets and domestic distributors and food aggregators."

Banco BAI appears satisfied enough to begin loan agreement negotiations pending the change of company structure.

"A revised term sheet has been signed with Banco BAI for a Term Loan (“Banco BAI Facility”) recognising the updated sales strategy and removing certain conditions in respect to securities. As one of the conditions precedent to drawdown, the Company has agreed to convert its Angolan subsidiary, Soul Rock Lda, (the Borrower of the Banco BAI Term Loan) from a Limited Liability Company (Sociedade por Quotas, Lda) to a Public Limited Company (Sociedade Anónima, SA). Under the SA company structure, the company is legally required to establish three separate governance bodies for management, board of directors and auditors, which is the structure preferred by Banco BAI."

In particular;

"Banco BAI will now invite FGC to participate in the loan facility negotiations that are currently underway, as both will be signing parties to the loan agreement."

That doesn't sound like they are waiting on anything further with regard to customers.