Ann: Half Yearly Report and Accounts, page-3

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bevter

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16/03/22

18:12

Post #: 60233012
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Originally posted by Muad'Dib ↑

Page 6: Note 5
The cash held in Myanmar by Bright Mountain Resources Myanmar Limited (BMRML) - (100% subsidiary of Mallee Resources Limited)
as at 31 December 2021 (US$2.349 million) and the funds received by BMRML subsequent to balance date (US$9.851 million), are to
be transferred to the parent entity Mallee Resources Limited subject to the approval of the Central Bank of Myanmar (CBM). As of
the date of this report, transfer requests have been submitted to CBM and are pending CBM’s approval. To date US$100,000 has
been transferred to Mallee Resources Limited

So 'subsequent to balance date' means today and reflects the earlier announcement:

Mallee Resources Limited (“MYL” or the “Company” is pleased to
announce that all proceeds from the US$30 million divestment of its
interest in the Bawdwin project and the shares in BJV Company
Limited have been received. US$12.2 million of the divestment
proceeds were paid directly to the Company’s wholly owned
Myanmar subsidiary, Bright Mountain Resources Myanmar Limited,
ahead of transfer to Australia

I read this as meaning the sale is fully transacted, but the money still resides in the BMRML account awaiting approval from the Central Bank of Myanmar. Not out of the woods yet IMO.

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No. With their reputation I'm not counting chickens yet.
Might have to get the brown paper bags out.

MYL Price at posting: 70.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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Ann: Half Yearly Report and Accounts, page-3

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