Just for fun and to see where the rest of the Demo will be funded if Gov gives the tick, here it all is, in an ASX ann't despite you guys believing ECT can't discuss funding etc... due to ALDP rules.
Exergen laid out all their proposed funding deals to the ASX and public and of course all these deals have been seen by the independent assessment panel who decide ALDP (where are ECT's deals and backers?) -
"Theiss - Theiss is an Australian construction, mining and services contractor, and a wholly owned subsidiary of Leighton Holdings, the world?s largest supplier of outsourced mining services
? Thiess has invested $2.5 million in exchange for shares in Exergen.
? If Thiess and Exergen (or a related body corporate of Exergen) enter into a construction contract for construction of the Demonstration Plant, Thiess will subscribe a further $2.5 million in the Company (up to $0.72 million of which may be subscribed in advance).
? If Exergen (or a related body corporate of Exergen) obtains a Coal Licence and issues to Thiess a “notice to proceed” with respect to construction of a Commercial Plant:
A. Thiess will subscribe a further $5 million in Exergen (or the Company upon completion of the acquisition of Exergen and readmission of the Company to ASX);
B. Exergen and Thiess will co-operate in developing the terms of an intellectual property licence agreement pursuant to which Thiess will be granted the right to use the Exergen CHTD technology at an Indonesian coal site on a royalty free basis.
? Exergen will negotiate exclusively with Thiess with the intention of engaging Thiess on a “preferred supplier” basis, on commercial terms, to provide construction and mining services in respect of the Demonstration Plant and the Commercial Plant.
? Thiess is entitled to receive the benefit of any carbon credits in proportion to its interest in Exergen (or the Company upon completion of the acquisition of Exergen).
Itochu - Itochu is one of Japan?s leading trading companies. They have extensive coal trading experience.
? Itochu has invested $5million in exchange for shares in Exergen.
? If Exergen issues a “notice to proceed” with respect to the Demonstration Plant and Itochu is satisfied that coal processed using the CHTD technology will meet the requirements of the market, Itochu will invest a further $5million in Exergen (or the Company upon completion of the acquisition of Exergen and readmission of the Company to ASX).
? Itochu has the option to acquire an interest of up to 10% in LV-NG upon LV-NG securing a coal licence. The funds raised by LV-NG will be used to fund the Commercial Plant.
? If Itochu acquires a 10% interest in LV-NG:
A. LV-NG and Itochu may enter into a coal off take agreement or a coal marketing agreement, on commercial terms, in respect of treated coal output from the Commercial Plant in proportion to Itochu?s equity interest in LV-NG;
B. LV-NG and Itochu may enter into a coal sales representation agreement appointing Itochu as the exclusive marketing agent for Japan, Korea, Taiwan, Vietnam, the Philippines and Thailand (and the non-exclusive preferred marketing agent for the rest of the world) in respect of treated coal output from the Commercial Plant; and
C. subject to Itochu entering into a coal off take or marketing agreement (as described above), Itochu may appoint a director the board of LV-NG.
? Subject to the further investment of $5million described above, Exergen will offer a first right to Itochu to participate in other coal projects in which the CHTD technology is used.
? Itochu will be entitled to receive any greenhouse gas or carbon credits in proportion to its interest in LV-NG.
Sedgman - Sedgman is an ASX listed provider of mineral engineering solutions, with extensive experience in coal processing and materials handling technologies.
? Sedgman has invested $3 million in exchange for shares in Exergen.
? Sedgman has been granted:
A. an exclusive right to provide basic design services associated with all licence agreements entered into by Exergen relating to the CHTD process, provided Sedgman can provide the necessary services at a commercially reasonable rate; and
B. a non-exclusive global right to represent the CHTD technology and promote Sedgman?s delivery of the technology with third parties for opportunities not being pursued by Exergen (subject to the parties negotiating and agreeing a reasonable distribution agreement).
? Sedgman will subscribe for a further $2 million in Exergen shares (or the Company upon completion of the acquisition of Exergen and readmission of the Company to ASX) at an issue price to be determined based on the market price of the Company?s Shares at the date of issue, provided that Exergen:
A. issues a “notice to proceed” with respect to the Demonstration Plant;
B. engages Sedgman to provide, on commercial terms, engineering and design services in respect of the Demonstration Plant; and
C. grants Sedgman the right to operate the Demonstration Plant."
There is the funding for entire project, plus offtake agreements, construction, engineering etc... all laid out in the public domain via the ASX.
Do any of the above look like pretenders to you Obe's?
Funny thing is, they also have each negotiated deals to use the CHTD tech for their own projects as well as being selling agents for the tech on a royalty basis. Confident?
Theiss even want to build there own CHTD plant in Indonesia seperate from the Tata one so they can make more money from CHTD! Don't forget Theiss and Exergen share Brisbane headquarters. Who else works out of Brisbane?
Now, did CAG likely miss the conditions precedent to pick up the prized Exergen merger, or did they refuse Exergen's advances due to Exergen being no hopers?
cheers BR
CAG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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