Australia's largest stock trading and investment forum Australia's #1 stock forum

OGX

0.00%

0.3¢ orinoco gold limited

The orignal JV had been started by the previous BOD.. however it...

First 56 Last

Share
Profile

Follow
jasmac

1,961 Posts.

38

06/03/18

10:53

Post #: 31551940
Share

Originally posted by eshmun ↑

The language has changed in respect to Anglo and it has not been properly explained, are they in or out of this JV?

In the original announcement of 7 Feb 2017 OGX where calling it the “Faina Exploartion JV” (see exert below), now they are calling it “the proposed 70/30 MOU JV with AngloGold that is currently under discusion.”. I note they had used the words “will enter” in the original JV announcement implying that the JV was yet to be properly consummated into an agreement but if the agreement wasn’t binding at the time they should have been calling it an MOU. They are now calling it a proposed 70/30 MOU JV (under discussion) which sounds like they don’t have any for of binding agreement with Anglo.

I don’t like this at all. Shareholders have a right to know where they stand in respect of agreements that OGX make with third parties, especially this crucial one with Anglo. Very poor form and misleading for investors IMO.Esh

“agreement with AngloGold Ashanti (AngloGold) which will see the leading global miner invest approximately A$5.9m (Corporate Investment) and emerge with a stake of approximately 15 per cent in Orinoco at the completion of the Entitlements Offer and placement of Shortfall. AngloGold will also enter into a US$9.5 million exploration joint venture (Faina Exploration JV) on Orinoco’s broader Faina Goldfields tenement portfolio, excluding the Cascavel Gold Mine.”

Expand

The orignal JV had been started by the previous BOD.. however it had not been finalised when we had the BOD spill and new guys come on board. Since then they have gone back to basics to figure out what the problem was. Prior to the bod spill anglo held all the cards.. after the spill and the back to basics the new BOD now holds all the cards. The JV is still on the table but not as yet finalised - personally I believe because OGX is now in a far better position having resolved a number of issues that the previous BOD seemed unable to tackle (which was why they went to anglo originally.)

OGX Price at posting: 12.5¢ Sentiment: Hold Disclosure: Held
19 Upvote

3 Great analysis

Reply

Top Stories

SS1

Sun Silver submits US$60M Silver Paste Funding Application to US DoE

End of FY is a time to juggle wins, losses and capital gains taxes

Eurozone-based companies find new ways to secure a regional lithium supply

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

Time for retail therapy buying in the shopping Scentre for hot stocks