Assieman.
Sweet FA! Of course it's all now been marketed as the best thing since sliced bread with it's own dedicated thread spammer.
From 2014/2015 Annual report.
(ii) In December 2012, the Company advanced $400,000 to Global Strategic Metals Limited (Global). Interest is payable at 12% per annum. In part consideration for the loan agreement, the Company has been issued with 3,200,000 share options in Global exercisable at $0.10 each on or before 31 January 2015. In July 2014, a Deed of Cancellation of Options was entered into cancelling the 3,200,000 options. In September 2014, a deed of assignment and variation entered into, assigning the loan from Global to European Lithium Limited. In January 2015, a deed of variation was entered into, extending the repayment date to 30 June 2015. This loan has been provided for in full as at 30 June 2015
(xi) In December 2014, the Company entered into a converting loan agreement with European Lithium Limited (Euro Lithium) for £100,000. Interest is payable at 10% per annum and the loan was due for repayment on 30 June 2015. In May 2015, the Company entered into a second loan agreement with Euro Lithium for £100,000. Interest is payable at 10% per annum and the loan was due for repayment on 30 June 2015.
3 On 15 August 2014 Global Strategic Metals Limited (GSZ) was removed from the official list of the Australian Securities Exchange following the demerger and pro-rata in specie distribution of 80% of the shares in European Lithium Limited. In line with the demerger GSZ retained the Elizabeth Hill project and European Lithium Limited retained the Wolfsberg Lithium project. Shareholders retained their shareholding in GSZ and were issued shares in European Lithium Limited on a pro-rata in specie distribution basis. The value of Cape Lambert’s investment in GSZ was largely transferred to European Lithium given the value of the Wolfsberg Lithium project relative to the Elizabeth Hill project
(i) During the year the Company converted loans of $415,470 including accrued interest (30 June 2014: $1,350,000 plus accrued interest) into 14,326,588 (30 June 2014: 47,084,932) shares in Global Strategic Metals Limited.
So $400k plus to lots of $100k pond.
Looks to me it's a loan gone bad and now all polished up with a nice bow!!
Same asset that no one has been interested in since 2004!!
CFE Price at posting:
2.3¢ Sentiment: None Disclosure: Not Held
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