Yep thats it. That what I've been trying to chat about.
Grin:
Fwiw MeToo
Besides this vendors share batch conversation, lender FT General Tranche 2 loan apparently is currently or just about to be draw down, so from T2 date thats another US$5mil in cash and a further equivalent in shares - 300mil + more MGI shares to be issued soon.
Dito Tranche 3 much later down the journey.
You sound interested and Clearly you actually read and understand stuff thoroughly/detail.
Fwiw regards the US$35mil loan deal split in 3 trenches.
The T1 funds from draw down date/like currently , is 'set at a 25% premium price to VWAP 5 days before and 5 days post which lender FT can convert if they eventually choose so in lieu of the cash plus interest owed.
Might add i was yelled at for suggesting it was in lenders best interests to keep/hope the SP stayed low and was informed that the SP would be much much higher on the purchase of project complete announcement.
Dito T2-3 but set at 50% premium.
So you can probably quess why share price not currently moving..
VEC say there about to or currently have taped Into T2 but as announced in agreement to do so VEC have to give them only a 'Positive' decision to mine for the project.
So my thinking is that probably the next announcement but only after the VWAP ten trading days done/T2 and dusted, say an announcement :ie Presentation of the approved work plan/ budget for the DFS for the project.
Further. and of course imo : )
I don't think just a resource upgrade will give this a main SP kicker many are hoping for just yet.
I think there will be a 'story to come to issue that last 100mil + shares available before next refresh top up at AGM, along the lines of an issue to a said "Cornerstone Investor", thats what will get the churn distribution! Methinks.
Just saying.
Anyways refreshing friendly chat:views..
Cheers.
VEC Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
