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sirjohnnyboy

2,599 Posts.

1713

11/05/18

13:46

Post #: 33037348
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Originally posted by qqqqqqqqq ↑

SJB, No one is attempting to talk down the share price

IMO, this JV is crucial - read details below

''In addition, AngloGold has also made a A$3-million pre-payment against its $9.5-million exploration earn-in agreement with Orinoco over the Faina Goldfields project, in Brazil, taking its total commitment as part of the capital raise to A$4-million.

The balance of the earn-in commitment will be spent to earn a 70% interest in the Faina Goldfields tenement area.

However, with AngloGold completing an early payment, Orinoco has agreed to remove any yearly staged spending milestones, with AngloGold only obligated to spend the amended total exploration spend of around $7.16-million by the end of the 36 months from the date of the formal earn-in agreement.''

http://www.aspecthuntley.com.au/asxdata/20170906/pdf/01893222.pdf

Earn-in Agreement Pre-payment
AngloGold has made a A$3.0M pre-payment to Orinoco under an amendment to the terms of the previously announced Strategic Partnership MOU (MOU). The general terms of this MOU (refer ASX announcement – 07 February 2017) remain in place, with the following amendments:

• AngloGold provided A$3.0M on 31 August 2017 as a pre-payment against the three year Earn-in Agreement commitment of US$9.5M to fund exploration on the Faina Project;

• AngloGold will remain committed to spend the revised amount of US$9.5M less the A$3.0M pre-payment (i.e. at a 0.78 AUD:USD conversion rate the deduction would be US$2.34M) leaving the amended exploration spend required to complete the 70% exploration earn-in at US$7.16M; and

• In light of AngloGold completing the early payment of A$3.0M, Orinoco agrees that any annual staged spending milestones will be removed and the only obligation of AngloGold is to complete the amended total exploration spend (i.e. US$7.16M as noted above) by the end of 36 months from the date of the formal execution of the Earn-in Agreement.

Following execution by AngloGold of the Amended MOU with Orinoco, AngloGold will be entitled to appoint two nominees to the Board of Orinoco.

http://www.aspecthuntley.com.au/asxdata/20170906/pdf/01893222.pdf

DYOR

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That's fantastic news ...I'm glad no one is trying to talk down the SP, I guess we are all long term company supporters ...I'm with friends.

Bit of an issue with the PDF you quoted ...its from Sept 6th 2017 ...and that makes it ancient history because it was written by a board who no doubt agreed with the sentiment at the time, but alas who are long gone. Thank goodness for those who are against being sold out for a pittance.

Have a great weekend.

SJB
OGX Price at posting: 8.1¢ Sentiment: Buy Disclosure: Held
12 Upvote

0 Great analysis

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