I agree. All those who bought into AVZ and Eckoff would...

I agree. All those who bought into AVZ and Eckoff would obviously see a repeat here.

This is interesting from AVZ when they announced Manono due diligence ie same stage what we are at. The AVZ market cap including this capital raising peaked at $65m and then drifted down to $35m before taking off again.

TAR is at a $25m market cap right now but has the advantage of having the Klaus Eckoff track record with AVZ.



:10 February 2017

Companies Announcement Office ASX Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

COMPLETION OF TRANCHE 1 OF PLACEMENT AND DUE DILIGENCE UPDATE

DUE DILIGENCE UPDATE

On 2 February 2017, AVZ Minerals Limited (AVZ) announced that it had agreed to acquire, subject to certain conditions including completion of satisfactory due diligence, a 60% interest in the Manono tin, tantalum and lithium project (Manono Project) in the south of the Democratic Republic of Congo (DRC).

AVZ has commenced its due diligence of the Manono Project in the DRC. AVZ’s exploration director, Mr Nigel Ferguson, is in country and a drill rig is expected to mobilise to site next week. Geological mapping and surface sampling is planned to commence late next week. AVZ’s DRC legal adviser has commenced the review of legal matters including the validity of title. Subsequent to the 2 February 2017 announcement, AVZ has been advised a third party that previously held an indirect interest in a historic licence at Manono (PE 12202) is claiming the cancellation of that licence in 2016 by the DRC Mining Registry was invalid. AVZ understands the DRC Minister of Mines has previously rejected an appeal against the cancellation (ie. upheld the cancellation). AVZ’s joint venture partner La Congolaise D’exploitation Miniere SA (Cominiere, a State owned enterprise) has also made standard representations and warranties to AVZ with respect to the validity of title as part of the joint venture agreement. AVZ’s due diligence review is expected to be completed in late March 2017 and shareholders will be appraised of any material developments.

Drafting of the notice of shareholder meeting is also in progress, for the approval of the attaching options for Tranche 1, the second tranche of the placement and various other matters requiring shareholder approval. It is expected the notice will be issued in late February 2017, and the meeting held in late March 2017.

ISSUE AND ALLOTMENT OF ORDINARY SHARES

The Company has completed settlement for the issue and allotment of 125,000,000 ordinary shares at an issue price of 2 cents each to raise $2,500,000, as announced on 2 February 2017 (Placement). In addition, 4,000,000 performance rights were converted into ordinary shares as the milestone has been met and 35,000,000 options exercisable at 1.2 cents each on or before 30 September 2017 have been exercised."