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0.7¢ bastion minerals limited

Ann: HCH Completes DD & Enters US3.3M Option Agreement-Cometa, page-13

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hsv2001

3,476 Posts.

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21/02/24

11:20

Post #: 72512569
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Originally posted by sle: ↑

Good start mate but still an option and still really not done and dusted as HCH can still opt out as I read it. Hopefully HCH excise that option earlier than 18 months but IMO they are in a win win situation. (They'll earn probably just under 200000 in interest during this period - 18 months on $2400000) Matter of interest what if someone comes along now and wants to purchase the project?? Where does BMO stand??

Option
● A Non-refundable cash payment of US$200,000 to Bastion within a 12-month period of the Grant
Date for Hot Chili to continue with the Option.
Exercise of Option and Purchase Price
• Consideration of US$2,400.000 to Bastion if the Option is exercised by Hot Chili within 18 months
of the Grant Date; or
• Consideration of US$3,000,000 to Bastion if the Option is exercised by Hot Chili within 30 months
of the Grant Date.

Expand

certainly not an ideal deal, they could drag their feet for years! I really don't understand the point of making it an option. If you've done your DD and interested you'd agree to it. This essentially reads that they now have a 30 month due diligence period for a cost of $200k, locking any other potential buyer out and could pull the pin at any time.

BMO Price at posting: 1.2¢ Sentiment: None Disclosure: Held
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