Ann: 31 December 2018 Quarterly Report, page-11

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B0bthebuild3r

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10/02/19

06:50

Post #: 37388425
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Originally posted by Ryes: ↑

I saw that $600k outflow figure to TML but thought that couldn’t be right could it?

I had assumed it was just going to be the $50k deposit they lost.

“1. A non-refundable deposit of $50,000 (paid)

2. A payment of $350,000 upon completion of 21 day due diligence period including receipt of Bulletin
shareholder approval and completing all other conditions precedent (Preliminary Completion date)

3. A payment of $500,000 twelve (12) months after Preliminary Completion

4. A payment of $500,000 twenty four (24) months after Preliminary Completion

5. A payment of $250,000 thirty (30) months after Preliminary Completion

6. There is a further payment of $500,000 payable to TML 90 days after first production from the project” I couldn’t see anything in there that said they could be liable for a further $600k if BNR did nothing, I really hope this isn’t the case.

My personal view was that CM1’s clear problems made BNR realise they probably wouldn’t be able to fund this tenament, rather than the fault of the tenament’s potiential prospects.

This is all very messy, and it’s a damn shame because I loved the way BNR were looking to do business into the future. Self sufficient through an income stream to fund new projects was a fantastic premise.

However A big selling point of the CM1 deal was that any debt and operating costs would be CM1’s problem alone, but now CM1’s problems are straining BNR more than anyone could have thought IMO.

I don’t blame management because I believe they had the right ideas, no one would have expected this. For CM1 to have such large mine and cash problems within 6 months of listed is absolutely staggering.

Expand

Maybe this is the real reason why BNR decided to withdraw from the QLD project. They are unable to venture into anything further without the funding from CM1.

I do recall BNR making a statement that the funding from CM1 would provide BNR with the funds for the QLD project.

BNR Price at posting: 2.0¢ Sentiment: Hold Disclosure: Held
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Last 4.1¢		Change 0.001(2.50%)		Mkt cap ! $12.33M

Open	High	Low	Value	Volume
4.1¢	4.1¢	4.1¢	$4.1K	100K

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No.	Vol.	Price($)
1	12074	4.0¢

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Price($)	Vol.	No.
4.2¢	200000	1

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No.	Vol.	Price($)
1	100000	0.018
1	150000	0.016
1	66000	0.012
1	1000000	0.008
1	500000	0.001

Price($)	Vol.	No.
0.020	264696	2
0.022	19038	1
0.023	100000	1
0.025	138333	2
0.028	250000	1

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Ann: 31 December 2018 Quarterly Report, page-11

Top Stories

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Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

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Panic, paranoia, and gangland politics: HotCopper users react to Dubber's missing $26M

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

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Week 47 Wrap: HotCopper users' most watched; Brent lifts on Putin's scary letter; RFK dents CSL

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

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Sellers (Offers)