Ann: Update to Substantial Shareholder Transaction, page-2

My understanding of the above announcement is Minerva has now invested close to $4 million. If the share sale falls through on 31 July they don’t get any shares however Fiona and Gina hold the debt for the money spent on the PFS. So if the deal falls through then MTC get the PFS done for free ie the money spent on the PFS is paid for by Gino and Fiona and Minerva get nothing other than the money spent on the PFS back. If it’s less than the $4 million conceivably they would loose money although I suspect they will make sure it’s spent. So shareholders essentially get a $4 million PFS for free. If the share sale does go ahead by 31/7 then Minerva buy 18% of MTC at 53c / share. This is also pretty big show of confidence considering the current share price is 12c. On top of this Fiona and Gino have decided to align themselves to shareholders interests - ie it appears to me that they keep their shares but probably have to give all the money they received for shares back to pay the loan if the share sale fails. This also shows some degree of confidence by Gino and Fiona because if this all falls down they don’t get anything other than the shares they already owned in MTC. Either scenario is pretty good for shareholders I would have thought. Anyone have a different take ? GLTAHs