MLM metallica minerals limited

How many AUZ shares will MLM get? Hi, I’m a new MLM investor...

  1. 3 Posts.
    How many AUZ shares will MLM get?
    Hi, I’m a new MLM investor based in the UK. Forgive me if this has been discussed previously but I emailed MLM for an answer but have not had a reply to date.
    Could someone clarify an aspect of the SCONI Sale and Purchase Agreement for me regarding the valuation of the AUZ shares payable to Metallica. My question is, how many AUZ shares will Metallica receive from Australian Mines by 30 June 2018?

    The following is taken from Note 4, Page 12, of the Interim Financial Report, 31 December 2017.
    Under the Sale and Purchase Agreement (SPA), the company will be granted $1,500,000 (exclusive of GST) in AUZ shares on the earlier of the completion of a definitive feasibility study on the SCONI Project by AUZ or 30 June 2018 (the Consideration Shares).

    In the original ASX announcement about the SPA on 6 September 2017 it states:

    Issuance of Australian Mines shares to Metallica to the value of A$1.5 million (based on a 30-day volume weighted average price) (Consideration Shares) upon the earlier of the completion of a Definitive Feasibility Study by Australian Mines or 30 June 2018

    In September 2017 AUZ were trading at around 1.5c now they are around 9c per share. Does anyone know the dates over which the “30-day volume weighted average price” will be calculated? It would be common practice to take the ’30-day’ period as that prior to the ASX announcement last September, is this the case?

    Thanks for your help with this matter.
    Regards Mynytho
 
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