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clock Created with Sketch. 09/09/14
14:55
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Originally posted by Tangible
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Attended the meeting today. Was a small but nice office in Subi. I was one of three other shareholders / investors who attended. Andrew presented the meeting as John & Rob were absent and Grant is in Tanzania. Andrew is a very nice guy and approachable, and it goes with out saying that he is a massive believer of the Kibaran story.sufficient funds for the next 12 months after the capital raise in July earlier this year. However he did say that should an opportunity present itself for the company to raise after been offered a proposal to good to be true then of course it would be taken. Andrew will be heading off to Sydney this afternoon to present at the Proactive investor presentation luncheons in Sydney and Melbourne this week. Then in early October he will be traveling to Hong Kong for what I presume would be another investor presentation. He said that during the next month the company would be actively seeking out a cornerstone investor to take a 5 - 10% position in the company. both KNL and the buyer are on the same page regarding a possible agreement. Currently they are weighing up whether they need to meet first in order to sign the MoU as Andrew was saying once the MoU is signed they would then need to undertake a site visit in order to finalise the binding agreement - and Andrew does not want to double up on travel costs etc. (which is good to know for us shareholders). I tried to ask about how much graphite they were looking at purchasing however did not get a clear answer - rather he moved on to say just how he can't see how some of the company's around quoting 100ktpa yearly production amounts will have the demand there (i.e. one the largest graphite producers in China last year produced 120ktpa of graphite - which was their largest producer). A final point regarding the second off-take is that depending on what they are demanding they could subsequently increase the production profile used in the feasibility study (even though the scoping study used 40ktpa).The STAMICO board were planning on meeting last week, and the meeting was postponed to this week. Andrew believes that once they meet it is just a matter of them signing off on the agreement. He then said it is now a weekly proposition of KNL announcing the completion of the agreement.
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Well done Tangible, certainly sounds promising
(20min delay)