Ann: Third Round of Funds Received for Riqueza, page-13

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Tybo72

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29/04/20

16:40

Post #: 44330076
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Originally posted by WealthEmpire61: ↑

1 year = 15 months! you learn something new every day....

here's a thought, what happens if Phase 1 funding is completed ($9m US paid by S32) and for argument sake, let's say it is paid quicker than the 4 years which is projected. this is allowed according to the announcements in 2019. there is no indication though (from what I have read in the announcements) as to what 'work/s' need to be completed by either the end of 4 years or $9m US being paid by S32..... it will definitely not get to PFS because that would be part of Phase 2.....

so, stick with me here.... S32 have met their obligation for Phase 1. they do not default in any way, however, they choose not to proceed with Phase 2. that means that ICG have 40% share and S32 have 60% share after Phase 1 completed.

if S32 do not proceed to Phase 2, the announcement of 1 April 2019 suggests that ICG and S32 will each fund 'all further project expenditure in proportion to their equity interest in the Project Company'.......

I cannot find anywhere (and happy to be directed) what would happen if either S32 or ICG do not have the funds for their respective interest to continue in expenditure?

I have kind of been saving this post for a while but think it is time to raise it with everyone..... I have been harping on about lack of funds but not necessarily with present issues, but also with potential future issues that may arise.....

you see, for the benefit of people who actually believe when I say I am being sincere, S32 are draining ICG and backing them into a corner.... they know funds are an issue and $965K of ICG's funds will only go so far....

the question is will enough be done for the SP to rise and for a CR to be undertaken without a ridiculous amount of dilution it will consolidation occur and if so, when???

like I said in earlier posts, there is a reason shares are being taken in lieu of cash...... maybe there will not be a consolidation in the next 12-18 months, but, this may be because there may not be an intention to stick around for a consolidation..... maybe it is being set up for a t/o... who knows? if so, do SH's have enough shares to cover any losses or make a small profit should it be low???

and I know that SH's will say... well, why did we get the Aussie projects? my answer to that, you obtained a license and did not cost you anything! all that has been done is rock chips... minimal expenditure.....

the fact that a further lot of funds have been provided by S32 after the first year passed raises more questions for me than answers. had extra funds been provided prior to the end of year 1 I would have thought, ok, it's in line with what was agreed. there is nothing suggesting time can be extended for year 1 funds and then announcing that those additional funds are in excess of the 1.7m for year 1. that is just a spin on words.....

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WE61 in your post you state "I have kind of been saving this post for a while but think it is time to raise it with everyone.....". Do you have a bank of negative post you hold on to for when a positive announcement is made?

ICG Price at posting: 0.2¢ Sentiment: Buy Disclosure: Held
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Ann: Third Round of Funds Received for Riqueza, page-13

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Ann: Third Round of Funds Received for Riqueza, page-13

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