That's correct.. 'The parties worked together in good faith to finalise the formal JVA, including the JC company structure, on terms consistent with the non-binding MoU'. Announcement says MRG signs binding JVA.
Next steps is to receive cash from JV partners and set up/register JV structure. The big one is deposit of $3mUSD once this is established.
Waiting on an announcement that this has been done and JV has received cash in Bank.
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Ann: MRG HMS Binding Joint Venture to Develop HMS Projects, page-122
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