Yep, agreed. VMCL is still in receivership with the Saskatoon plant, as it's major (only?) asset up for sale to pay off creditors and then leftover proceeds to flow up to VML (and now Shenghe) I assume. Lots of questions;
- How much does VMCL owe?
- And to whom - is it just VML or are there other creditors?
- Does the $3M of debt being paid off under the Shenghe deal include the debt of VMCL? Or other debts of VML?
- What is the plant worth (I recall some $30M in sunk costs) and who would buy it?
- As a going concern or as parts?
As Shenghe cannot buy the plant direct (due to foreign ownership concerns as pointed out by @locnah) would VML now not take VMCL out of receivership and let Shenghe finance the completion of the plant paid for by an offtake for the MREC?
Yep, agreed. VMCL is still in receivership with the Saskatoon...
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