I am guessing when they pay the money across to HQ Advisory.
Looking at the Oilnewskenya post it says "Under the Investment Agreement, Orca would have the right to monetize the benefits of certain assets, and the obligation to bear the burden of certain liabilities of the Tanzanian business that relate to the period prior to 1 January 2017 (the “Effective Date”)."
My reading of that is the deal was effective from that date meaning they are probably due some cash once the first tranche is all signed off. Page 61 of the Mezzanine Prospectus suggests that they will have approximately $8.5 mil cash in the bank. Once you take out the costs to keep the ship afloat and the Otto issue there should be enough left over to buy the shares in SOGTL. As for when that will happen I am guessing again they will get a third party to do that donkey work for them so timeframe who knows. Based on the SL1 issue that took a good couple of months to get everything sorted.
On a more worrying note this was announced earlier....
" Orca Exploration Announces Extension to the Closing Date of the Swala Investment
PRESS RELEASE GlobeNewswire
Jan. 12, 2018, 08:00 AM
TORTOLA, British Virgin Islands, Jan. 12, 2018 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. (TSX-V:ORC.A) (TSX-V:ORC.B) (“Orca” or the “Company”) today announced that Orca has agreed to extend the date by which certain escrow release conditions must be met in order to complete the previously announced investment by Swala Oil & Gas (Tanzania) plc in the Orca Group of up to US$130 million from 12 January 2018 to 23:59 (GMT) 17 January 2018."
But I am sure if really is nothing to worry about.
Cheers
Coruba
SL1 Price at posting:
6.2¢ Sentiment: Hold Disclosure: Held
