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50.5¢ leo lithium limited

Ann: MoU Signed with Mali Gov & Sale of Entire Project to Ganfeng, page-761

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fooca

6,732 Posts.

4163

02/06/24

15:03

Post #: 74125305
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Originally posted by manny100: ↑

Posted this over on FFX.
According to the recapitalisation Ann 21/9/22 creditors were:
MEIM $US23.4mill owing to be converted to 6 cent shares,
Other creditors totaling $US4.89 mill to converted into 6 cent shares, and Creditors to be paid from the cash raised totaling $A15 mill.
So $US23.4 + $US 4.89 = $US28.28mill, conversion 0.67 = circa $42.2 mill plus $A15mill= TOTAL DEBTS circa $A57.2mill as at Sept'22.
Having a look at the Arbitration Ann its the mining contractor allegedly using dodgy equipment that is making the claim. I wonder whether FFX will lodge a counter claim??
You can bet their $A31mill claim is loaded up with interest and BS thrown in.
Just to pisx me off i happened to see the 31/8/22 Ann " Morila Resource Increased by over 1M ounces" while looking for the $$ owed to creditors.
As it turns out the BS compo paid to Mali $US60mill could have covered FFX debts easily with change left over.

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As at 3 November 2022, Morila SA had net liabilities of A$111 million

US$60 million converted as of todays date = A$90 million

~ cheers

LLL Price at posting: 50.5¢ Sentiment: None Disclosure: Held
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