Hi Bin Bin,You say:"My point however still stands though. The JV...

Hi Bin Bin,

You say:

"My point however still stands though. The JV between Amicor and Ablation was conditional on Amicor funding the JV. This clearly didn't happen but George Glasier somehow convinced BLR to fully fund the JV instead and still pay him for Amicors rights to Ablation Tech through the issue of shares in BLR even though it could be argued that he didn't really have any rights to the Technology in the first place because Amicor didn't end up funding the JV. I hope the payment we made to George was not significant and was simply for arranging the deal between BLR and Ablation Tech".

I don’t see any concerns here. The rights, subject to funding the JV was transferred to BLR. To say that Glasier somehow "convinced" BLR to fully fund the JV is to imply that BLR were bent over a barrel.

WRT paying Glasier for the rights. Brushing aside Glasier and dealing direct with Ablation would not be beneficial as Glasier has both intellectual and networking capital invested in securing the rights. This does not come free. Better to have him on board than against. Its all there in the announcement on page 4 (6th July).

1. Option fee of US$5,000 payable on signing;

2. A first deferred payment of A$250,000 must be made within 90 days of execution of a Heads of Agreement with ABT by issuing 12,500,000 BLR shares at $0.02;

3. A second deferred payment of A$250,000 must be made within 90 days of execution of a Definitive Agreements with ABT by issuing 12,500,000 BLR shares at $0.02; and

4. A third deferred payment of A$500,000 must be made within 60 days of the first commercial scale application of Ablation, either in cash, or (at BLR’s discretion) by the issue of such number of BLR shares equivalent to A$500,000 based on the volume weighted average price of BLR Shares for a period of 30 consecutive days prior to commercial scale use of Ablation being achieved.

As a result of the exercise of the Call Option, Mineral Ablation Inc. will become a wholly owned subsidiary of BLR.


You can consider the above consideration as a middleman fee or commission because in the end Mineral Ablation Inc (JV) will become a subsidiary of BLR and Glasier a substantial shareholder of BLR and consultant. The above consideration IMO seems fair.

I understand the need to eliminate as much risk as possible and have everything to ourselves but in business win/win situations are essential. This is a win/win.

If I'm missing or haven't understood anything please indulge.


Cheers

RBA