Phishpheet,I have read many of your posts and you keep referring...

Phishpheet,

I have read many of your posts and you keep referring to Mr Glasier as having taken 50% of BLR and on your most recent post that he will take over the company through the backdoor.

From my reading of the agreement (and happy to be proven wrong), BLR and Mr Glasier have set up a Joint Venture being "Mineral Ablation LLC" in which BLR and Mr G have a 50% stake each. There is no mention that Mr Glasier has a 50% stake in BLR itself???

In addition to this BLR has the right to buy out Mr Glasier from the JV with issuance the 2 X 12,500,000 share allocation - which I assume would have been granted in lieu of cash as I suspect management would have taken the share allocation option given our current cash position. Therefore from my reading Mr Glasier's stake, I assume, could at the moment be $25M BLR shares (unless he has purchased more on the market) - which is not an amount that would be considered large given the number of shares outstanding.

Of course this is only my reading of the situation and happy for discussion and as always please DYOR - I am not a financial advisor!

EXTRACT FROM ANNUAL REPORT
ABT and Black Range have established a Wyoming Limited Liability Company, Mineral Ablation LLC, in which each member
will hold a 50% interest. The key terms of the joint venture are set out below:
• The JV applies worldwide for use in uranium and associated minerals
• ABT grants Black Range a special licence to use Ablation at its Hansen/Taylor Ranch Uranium Project
• Next step in development of Ablation is building a commercial-scale unit
• Black Range will initially fund 100% of the operating costs of the JV, with ABT’s 50% share recovered from
revenues earned
• The JV will seek opportunities to apply Ablation within the USA and throughout the world.
Concurrent with entering into the HOA, Black Range entered into a Call Option Agreement with G & K Glasier (or nominee)
whereby Black Range has an option to acquire all of the issued capital of Mineral Ablation Inc., a company that held certain
prior rights to Ablation. The terms of the Call Option Agreement are summarized below:
1. Option fee of US$5,000 payable on signing (paid 3 July 2012);
2. A first deferred payment of A$250,000 must be made within 90 days of execution of a Heads of Agreement with
ABT by issuing 12,500,000 BLR shares;
3. A second deferred payment of A$250,000 must be made within 90 days of execution of a Definitive Agreements
with ABT by issuing 12,500,000 BLR shares; and
4. A third deferred payment of A$500,000 must be made within 60 days of the first commercial scale application of
Ablation, either in cash, or (at the Groups’ discretion) by the issue of such number of Black Range shares
equivalent to A$500,000 based on the volume weighted average price of Black Range Shares for a period of 30
consecutive days prior to commercial scale use of Ablation being achieved.
As a result of the exercise of the Call Option on 3 July 2012 Mineral Ablation Inc. will become a member of the Group and
has been renamed Black Range Minerals Ablation Holdings Inc