Interra Resources is looking to pivot away from oil and gas, as stated in the recent annual report from its website and the recent ann. So, they're looking for a project to fund.
Below is from the ann
Below is from the 2023 Interra Annual Report.
Interra had US$17m COH, no debt & a net profit of US$2.5m in 2023. It's been profitable for the last 3 years & is even contemplating the prospects of paying dividends, so I think management expects the current growth in profits to continue. In other words, it means they could afford to throw some dollars towards 1MC.
There are two directors at Interra who have a stake in 1MC, one of which is Ng Soon Kai who also happens to be the largest shareholder in Interra. So, they have a vested interest in seeing 1MC succeed.
Allan Buckler is the largest shareholder in 1MC & was also on the BOD of Interra, before he recently departed.
Below is from the Interra Annual Report.
So, the largest shareholder in Interra & the largest shareholder in 1MC know one another & have served on the same board. So, you're right @Megafauna, there's a connection & a possible reason for the investment. Interra is looking for "established & reliable JV partners," so Interra thinks 1MC falls into that category & there could be a close relationship over the years to come.
MORELLA CORPORATION LIMITED (ASX:1MC) - Ann: Notice of initial substantial holder, 76198526, page-3 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
If 1MC has found an entity that might be willing to fund this venture, they could find another, as the investment world is a lot larger than the ASX. Perhaps there's an appetite for entities like Interra to pivot away from fossil fuels & into lithium.
Every director of 1MC took part in the recent CR.
AB has recently completed an on-market share purchase. To me, that portrays confidence, not a delisting.
All the screenshots above can be found in the below links.
MORELLA CORPORATION LIMITED (ASX:1MC) - Ann: Placement of Shortfall Shares, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
Interra Resources Limited
Interra AR2023.pdf
2024-10-17 SG2410OTHRFCAT Subscription for Shares of Morella Corporation Limited Pursuant to Shortfall Placement.pdf
MORELLA CORPORATION LIMITED (ASX:1MC) - Ann: Change of Director's Interest Notice, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
MORELLA CORPORATION LIMITED (ASX:1MC) - Ann: Annual Report to shareholders, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
MORELLA CORPORATION LIMITED (ASX:1MC) - Ann: Change of Director's Interest Notice, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
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