I'm pretty sure they've already been issued, quote announcement on the 5th of September 2016 for Ausdrill
"Under the terms of the formal agreement, Ausdrill will receive payment for up to A$3.0M of drilling services, via the issue of ordinary Primary Gold shares.
A payment mechanism has also been agreed, comprising a share valuation of 90% of the 30 day volume weighted average price (VWAP) against the value of each monthly invoice"
As for MRP, quote announcement on the 3rd of August 2016;
"Cash payments are to be made to MacPhersons as follows:
- Primary Gold to pay MacPhersons a non-refundable deposit of A$0.5m in cash within 2 business days of signing the Agreement;
- On Completion under the Formal Agreement, Primary Gold to pay A$1.5m to MacPhersons;
- Six (6) months from Completion, Primary Gold to pay A$1.5m to MacPhersons;
- Twelve (12) months from Completion, Primary Gold to pay the final cash payment of A$1.5m to MacPhersons;
The issue of 40 million ordinary Primary Gold shares to MacPhersons are to be escrowed in three equal tranches over the 12 months from Completion:
- One third of the Primary ordinary shares (13,333,333 shares) will be escrowed for six (6) months;
- One third of the Primary ordinary shares (13,333,333 shares) will be escrowed for nine (9) months, and
- One third of the Primary ordinary shares (13,333,334 shares) will be escrowed for 12 months.
All shares for both Ausdrill and MRP are issued. Also read the announcement dated 12th of October 2016 about the additional tenement added from a private lease holder by the issue of 400,000 shares.
PGO Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
