What some MLX people may not be totally on top of is that this coming Thursday, RNI shareholders will decide on whether or not, inter alia, 1. RNI sells its gold plant and surrounding gold reserves and resources to MLX in exchange for the issue of 18m shares in MLX. 2. The sale of MLX's Chunderloo (copper) to RNI in exchange for the issue of 25m RNI shares to MLX happens and 3. The conversion of a $300k unsecured loan made some months ago by MLX to RNI into 15m shares in RNI is approved.
I expect all 3 to be passed. That will change some dynamics.
RNI will, I expect, sell the 18m shares off-market to an investor asap (already arranged I reckon) and use that money to pay its Taurus debt of $23m. The critical price is $1.28c, so a MLX SP above $1.28 on the day in question is very important to RNI, and also to MLX if 40m shares held in RNI is deemed to be of some significance.
MLX Price at posting:
$1.38 Sentiment: Buy Disclosure: Not Held
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