I sent these questions into John
john.phillips@pro active investors.com
I have the following questions for the Buru Energy webinar please:
1) What mechanisms are Buru Energy considering by which Buru holders will benefit when the subsidiaries are spun off? eg free shares or options in the float?
1b) Is it likely Buru Energy will retain it’s own stake in the floated entities and if so will this be held in escrow for a period? In particular, in the case of GeoVault, can you also describe how that relationship will work in the case of Rafael development where CCS will be an integral feature?
2) Resolution 3 which was passed at this year’s AGM stated:
As at the date of this Notice, the Company has 596,043,085 Shares on issue. The Company currently has the capacity to issue 89,406,463 Equity Securities under ASX Listing Rule 7.1.
If Resolution 3 is passed, the Company will have the capacity to issue a further 59,604,309 Equity Securities under ASX Listing Rule 7.1A (based on the number of Shares on issue as at the date of this Notice).
Which totals 149,010,772, which means the current remaining capacity for the SPP is 105,702,072 after deducting the 43,308,700 already issued in the placement
However the SPP Offer stated:
the maximum number of SPP Shares that can be issued in accordance with the ASX Listing Rules is 191,805,536 Shares.
Can you please explain this anomaly?
3) WA Main Roads have confirmed the new Fitzroy Bridge will be opened from 10th December. What options are currently being considered to recommence Ungani Oil Production and what is the timeframe for such a decision. Can the company assure holders who it is asking to participate in the SPP that they are doing everything possible to ensure oil revenue returns to the balance sheet next year, given a single lifting brings in more than the total amount proposed to be raised from the placement and SPP combined.
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