They will be 2 of the directors of GPP - if the acquisition is voted in favour!!
So I doubt they will vanish, unless that during the due diligence period the current management do some grab samples and have them tested independently, I just hope they are not planning on taking this to the shareholders prior.
It can cost as little as the initial $25K (payable to Ion Minerals) on execution of the option agreement and to complete due diligence, throw in some sample costings and it will / should be a relatively cheap exercise if nothing is worth continuing to phase 1.
Phase 1 is were it starts to pay dividends to "Ion Minerals."
$330,000 cash
110M shares (currently worth
$660,000 @ $0.006c (Fridays closing price))
Phase 2
$310,000 cash
$
550,000 worth of shares, (Guesstimate share price @ $0.01c = 50M shares)
Phase 3
$150,000 cash
$1,050,000 worth of shares (Guesstimate share price @ $0.02c = 52.5M shares)
Mineral Intelligence own 100% of the shares in Remlain, (Ashburton) both companies have McLean, Treacy & Subramanian on the board as directors.
Greenpower will make a cash payment of
$250,000 to acquire Asburton
With circa $3M - the statement that GPP are currently well funded to support the acquisition and to maintain its existing portfolio is somewhat "pie in the sky" wishful thinking - the monetary cost of this acquisition
$1,065,000 and the spending requirements of
$2,000,000 =
$3,065,000.
This figure doesn't account for any spending that they will do at Asburton.
Maybe a clearer definition of what they mean by "maintaining" their existing portfolio, is it like: well yeah, we have tenements at Morabisi, NT and Kopang, yeah we have the OHD project but we are just going to maintain them, means exactly what?
@pepto471 @TheSower - the placement & SPP options have been issued according to the 3B announced 8th June maybe follow up with the share registry to see what the delay is, or ring the office
https://www.asx.com.au/asxpdf/20180608/pdf/43vn9my1gq1lw9.pdf
GPP management at the moment have lost the plot, and are not keeping shareholders up to date with what they are doing.
Turesi - drilling difficult, Watts got his feet wet BUT where are the assay results that are way over due,
or do they have the results and are doing another one of their
fancy reviews????
As per this announcement:
View attachment 1196361
https://www.asx.com.au/asxpdf/20180702/pdf/43w7bj24v0q84w.pdf
OHD -
Kopang -
All IMO only
cheers
