Empire History 101, page-11

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OldCar

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26/03/18

15:02

Post #: 32029069
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Originally posted by sabine ↑

I just posted this on another thread but thought I would also contain the information within this one as well as it seems relevant to recent history :
Current status of JV partner in financial terms is :
Brimstone has NOT been paying what they owe
Last quarterly report ..”funds reimbursed from JV partner - Zero
The one before that ................ditto
According to last annual report Empire put in $828,000 to cover Brimstone last year .** page 39 http://www.resourcesempire.com.au/docs/ERL AR 30June2017.pdf
That plus whatever they have loaned this year at 16% interest seems to me to be a relatively significant amount .

** “2 These advances are receivable from Brimstone Resources Ltd. The interest is calculated at 16% per annum, calculated daily, compounding monthly. The repayment date is by the open cut completion date expected to be around August 2018. Leading up to this date, Brimstone Resources Ltd is required to repay the balance utilising 50% of the monies payable to Brimstone Resources Ltd under the funding agreement with Blue Cap Mining Pty Ltd. The amount is secured against Brimstone Resources Ltd 40% interest in the joint venture.”

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That's very interesting specifically around the interest cost. That means brimstone could owe Empire $2m by time it's finished. Or brimstone hand over their other assets if their 50% share doesn't cover it. I see the last notice that the last campaign starts in mid April.

ERL Price at posting: 1.4¢ Sentiment: Hold Disclosure: Held
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