I see the MOU with New Destiny expired (the exclusivity agreement) on the 1st March (after i imagine it was extended from 31st January). However it looks like New Destiny have added Cerro Blanco to thier list of projects on thier website.....
After looking into it a little deeper, i noticed New Destiny could only raise $200,000 instead of the planned $500,000 for working capital (and assumably the tres amigos commitments). This has me worried as the MOU states that New Destiny will pay AVK $300,000 and an additional $150,000 to the vendor once the agreement is signed. In addition to this, a minimum of $500,000 will be spent in the first year. This deal hinges on the ability of New Destiny to raise capital, which is questionable.
As there has been no update on the JV from either party involved one will have to assume the exclusivity period has lapsed, and no agreement has been signed as of yet (because if an agreement has been signed, it should be price sensitive).
Lets hope talks are still ongoing and we will get an update on this JV, as we are now 4 months on with no news......... Its a shame to see a project with such potential sitting idle......
I wonder what Independance are thinking about all of this?
TRL Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
