Holders am i missing something or doesnt it go a bit like...

 Holders am i missing something or doesnt it go a bit like this. 

South32 sets up a project company of which it holds 60% equity. The Greater Requeza Project transfers out of ICG's into tge project company.  Current holders intern hold a 40% equity interest in the project company.  For their 60% equity,  South32 commit to US $ 8 to 10 mill in phase 1  drilling The Greater Requeza Project. We shareholders ride the wave and hope at the end of the phase 1 programme we have a megamamoth project. South32 then aquire a further 10% equity in the project company to finalize a PFS. 

Current MC is AUS $ 9 mill so the 60% equity to South32 is about right for The Greater Requeza Project. 

Remaining in ICG is of course ICGs other assets including Cerro Rayas and East Timor.

 

It will be interesting to see how the project company is structured. Possibly as simple as ICG being a 40% equity holder and hopefully no tax implications.

Im not up to speed with were ICG is at with its current drilling permits. Frankly that aspect of ICG management has simply pissed me off. Historically months on months on months waiting. Any way, when licenced and in  early drilling the MC punched $50 mill and more. With the acumulation of ground and air work now completed and so much info pointing to a huge commercial project a fresh drilling programme to the tune of US $10 mill must spark up market interest. If $50 mill was acceptable last drill round is $100 or $150  mill out of order? Probably not. 

Friday might be interesting. Al will no doubt drag himself away from his decadant lifestyle and make a cameo appearance. He has always said Alteration Ridge is the Ridge that will alter lives. 

Please let me know if im wildly wrong here!!