Ann: Director Resignation - Appendix 3Z, page-4

Lets get to the tin tacks without any fanfare:
After all the hype by a plethora of up rampers, after all the "great research" and pages and pages of pictures, maps, IMO's (no guessing who!)
The "rival" to Greenbushes, the district scale waffle spewed from Kings mouth; Morabisi was a farce hyped up on rock chips samples and a certain poster.

Looking for their next hot commodity "meal ticket" on 5th July 2018 and GPP announced they entered into an agreement to acquire
"High Grade Cobalt and Vanadium" focus company ION Minerals.....

The sell:
Flag ship Lincoln Springs project with rock chip (remember these things, terminology used to sell how good Morabisi was) reporting 3.16% Cobalt and 10.4% Copper, (don't forget to add in it is next to Australian Mines Sconi project)
The rock chip sample results tricked us (remember Morabisi) and drill results were duds and although we tried to buy the project cheaper GPP have terminated the agreement. Intrigues me why they would still want to proceed with the agreement to acquire albeit GPP tried to re-negotiate a cheaper deal after poor drill results??
More sell:
Cameron McLean and Alister Williams - the company published pretty fancy Curriculum Vitae's for these two executives, but bare in mind the sole two shareholders of Ion Minerals are McLean and Williams, who receive a nice renumeration for Ion Minerals that GPP are acquiring 100%.

The latest quarterly report period ending 30th June has no mention of the OHD project, although in the Half Yearly Audited Accounts (announced 15th March) there was an Investor Presentation prepared in order to raise seed funding and set up a special purpose vehicle to raise seed funding for a 5 tonne a day plant.
Did someone mention raise seed funding? OMG, we have an expert (one of our directors) in financing and OMG (2) he is also an entrepreneur and private investor for early stage companies. Shoot, we had an expert in financing but he just resigned
Unless he is going to seed fund the 5 tonne a day OHD project and he has resigned because of a conflict of interest?

@nursery 51,500,000 of the shares that Williams has was the phase 1 (to earn 40%) payment for the acquisition of Ion Minerals (McLean also got 51.5M shares) as well as a cash payment of $510,000 - substantially for exploration work (6 rock chip samples) and vendor payments for the FLAGSHIP Lincoln Springs Cobalt Project. The other 9m shares were from the failed and under subscribed SPP - to which Williams originally took no part in even though he was eligible, but subscribed to the shortfall, almost as if the directors (some of) had no choice to buy because no one else wanted them or maybe to get some reaction from the market with directors buying!

Query 1: The option agreement was for 110 million shares to be issued to McLean and Williams, voted on and ratified at the general meeting but only 103M were issued.
Query 2: Now that GPP have terminated the Lincoln Springs part of the agreement, you would think that the agreement to acquire Ion Minerals will be adjusted down because the "Flagship" project of Ion Minerals is terminated?
Query 3: If GPP are to progress to the next phase of the acquisition, they will (currently) pay another $550,000 worth of shares to McLean and Williams, under the terms of the agreement the shares will be issued at a VWAP of 30 days prior to agreeing to proceed (current SP $0.001) They will get a further 275M shares each as well as $310,000 (substantially for vendor payment) which has been terminated. Hence why there should be a dramatic reduction in payments to acquire!
Query 4: With the issuing of shares to McLean and Williams, and the shares issued from SPP and the Shortfall, why hasn't King lodged a "Change in Substantial Holding" notice, due to his ownership percent being less through dilution?
Query 5: With the lack of any information in the last quarterly activity report on the OHD project, no mention of any seed funding or any other progress on it (other than McLean suggesting that the stressed weed trial could be a "game changer" for weed control, lol.
What happened to the 300% yield increase in wheat crops, the bigger better Bok Choy, sexier looking tomatoes.... not to forget the company was fielding offtake and funding agreements from interested parties - so seriously, why do we currently employ Andrew Mounas to lead and manage the fertiliser business (the only lead I see happening is probably "ring a ring a rosy" or "musical chairs" ) when we are going to make weed killer with no mention of the disruptive bio - stimulant fertiliser.

The last quarterly financials we had cash and cash equivalents of $221,000, with heavily reduced corporate / admin costs (down $301,000 from previous) staff costs (down $26,000) and exploration costs (down $215,000) and still having an estimated cash outgoing for this quarter of $213,000 leaves us with only $8,000 in the kitty at the end of this quarter!! In the estimated cash outgoing for the quarter there is a figure of $50,000 being for Other (Investment) anyone have an idea of what that could be as I can not find anything in announcements!
Other than the Gasfields payment that is due (16th August) of $125,000 there is no other income to be an ongoing concern and to remain trading?
Gasfields remains in suspension, and had to be propped up with a director loan of $1M for the March quarter, to which they had an estimated cash out going of $500k SMH, there has not been another quarterly released to date.
Basically on the 16th August we may have $133,000 in the kitty but the 90 day due diligence period for the Golden Ant Project has expired, so they will need to pay $50,000 once they exercise the option (plus issue 50M shares @ the current SP)

The Greenpower modus operandi continues ........

cheers