Any interest & thoughts on this one? It's got the "magic" names Tolga Kumova & Rob Jewson. Each founder is receiving a ton of free shares worth millions though.
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KEY STATISTICS OF THE OFFER:
Minimum Subscription ($5,000,000)
Offer Price per Share $0.20
Shares currently on issue 38,050,000 (Comprising 33,000,000 Shares issued to the founders of the Company, and 5,050,000 Shares issued to participants in a seed raising in March 2021 at an issue price of $0.10 per Share.)
Options currently on issue 5,750,000
Shares to be issued under the Offer 25,000,000
Options to be issued to the Lead Manager 4,000,000
Gross Proceeds of the Offer $5,000,000
Shares on issue Post-Listing (undiluted) 63,050,000
Market Capitalisation Post-Listing (undiluted) $12,610,000
Options on issue Post-Listing 9,750,000
Shares on issue Post-Listing (fully diluted) 72,800,000
Market Capitalisation Post-Listing (fully diluted) $14,560,000
Benefits to Founders:
The Company has issued a total of 33,000,000 Shares to the founders of the
Company. The founders have introduced the Projects to the Company and
provided consultancy services with respect to the construction of the Company’s
initial public offering. The Shares were distributed amongst the founders as follows:
(a) Jeffrey Sweet (or his nominee) – 4,075,000 Shares (representing 6.46% of
the total Shares on issue on listing), valued at $815,000 assuming a value
of $0.20 per Share (being the price at which Shares are being issued under
the Offer);
(b) Ashley Pattison (or his nominee) – 4,075,000 Shares (representing 6.46% of
the total Shares on issue on listing), valued at $815,000 assuming a value
of $0.20 per Share (being the price at which Shares are being issued under
the Offer);
(c) Rob Jewson (or his nominee) – 7,283,334 Shares (representing 11.55% of
the total Shares on issue on listing), valued at $1,456,666 assuming a value
of $0.20 per Share (being the price at which Shares are being issued under
the Offer);
(d) Peter Gianni (or his nominee) – 7,283,333 Shares (representing 11.55% of
the total Shares on issue on listing), valued at $1,456,666 assuming a value
of $0.20 per Share (being the price at which Shares are being issued under
the Offer);
(e) Tolga Kumova (or his nominee) – 7,283,333 Shares (representing 11.55% of
the total Shares on issue on listing), valued at $1,456,666 assuming a value
of $0.20 per Share (being the price at which Shares are being issued under
the Offer).
(f) DC and PC Holdings Pty Ltd ATF DC & PC Neesham Super A/C, an entity
controlled by Pamela and David Neesham – 1,500,000 Shares
(representing 2.37% of the total Shares on issue on listing), valued at
$300,000 assuming a value of $0.20 per Share (being the price at which
Shares are being issued under the Offer).
(g) Seamist Enterprises Pty Ltd, an entity controlled by James Bahen –
1,500,000 Shares (representing 2.37% of the total Shares on issue on listing),
valued at $300,000 assuming a value of $0.20 per Share (being the price
at which Shares are being issued under the Offer).
The voting power disclosed above assumes that no additional Shares are applied
for and issued to the above parties under the Offer. In addition to the above,
Seamist Enterprises Pty Ltd also subscribed for an additional 1,000,000 Shares (at
$0.10 per Share) under the Company’s pre-IPO seed raising.
The Company also notes that Mr Sweet and Mr Pattison are related parties of the
Company by virtue of being Directors and Mr Sweet, Mr Gianni and Mr Jewson
18are each vendors of the Company’s Projects (refer to Section 9.2 for further
details).
COMPANY AND PROJECTS OVERVIEW:
The Company is an Australian unlisted public company incorporated on 23 February 2021 for the primary purpose of acquiring the Projects, listing on ASX and exploring and developing for industrial minerals, including gypsum and salt, silica sand, construction sand and aggregates.
The Tenements comprising the Projects are detailed in the table below. Nine (9) of these exploration licences are already granted, while seven (7) are at the Exploration Licence Application stage.
Core Projects:
(a) Quins Project – Silica Sand
(b) Unicup Project – Silica Sand
(c) Lake Macleod Project – Gypsum and Salt
Other Projects:
(a) Turner River Project (North and South) – Construction Sand and Sand Aggregate
(b) Karratha Project – Construction Sand and Sand Aggregate
(c) Roebourne Project – Construction Sand and Sand Aggregate
(d) Cataby West Project – Silica Sand
(e) Mullering Project – Silica Sand
(f) Jurien Project – Silica Sand
(g) Gingin Project – Silica Sand
(h) Regans Ford Project – Silica Sand
As at the date of the Prospectus:
Shareholder Shares Options Percentage
Rob Jewson 1 7,283,334 Nil 19.14% 16.63%
Peter Gianni 1 7,283,333 Nil 19.14% 16.63%
Tolga Kumova 2 7,283,333 Nil 19.14% 16.63%
Ashley Pattison 3 4,075,000 2,250,000 10.71% 14.44%
Jeffery Sweet 1,4 4,075,000 2,250,000 10.71% 14.44%
Seamist Enterprises Pty Ltd 2,500,000 Nil 6.57% 5.71%
On completion of the issue of Shares under the Offer with Minimum Subscription (assuming no existing substantial Shareholder subscribes and receives additional Shares pursuant to the Offer):
Shareholder Shares Options Percentage
(%)
(undiluted) Rob Jewson 1 7,283,334 Nil 11.55% 10.00%
Peter Gianni 1 7,283,333 Nil 11.55% 10.00%
Tolga Kumova 2 7,283,333 Nil 11.55% 10.00%
Ashley Pattison 3 4,075,000 2,250,000 6.46% 8.69%
Jeffery Sweet 1,4 4,075,000 2,250,000 6.46% 8.69%
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