GREENPOWER ENERGY LIMITED (ASX:GPP) - OHD - where we are at or not.........., 33254199, page-97 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by fooca ↑

Well I actually agree with you and I got it wrong Post 33235277
"As per the terms of the Head of Agreement they can't just walk away without spending the committed monies..... " and I apologise to you and the thread in doing so.

So far Phase 3 earn-in,
The company has make the cash payment of $50,000 and issued GMS 12,500,000 shares.
Of the minimum spend required to proceed, the company must spend a further US$1,000,000 within a further period of 12 months, to which US$465,000 (estimated from quarterly budget) has/or is being spent on this drilling campaign at Turesi.

In my opinion only, the company won't at present abandon Turesi only because the scheduled return of the drillers (29th May) and with the time line spacing of pending assays (only the first hole is currently at Perth) we will only have one results back by the time the drilling is back in full swing (unless they need more R & R and their return is delayed). Subsequently, the rest of the current drilling programme should/will be finished by the time that all the 7 hole results are known.

If the assays are disappointing, and they decide to abandon Turesi, then they have until 20th February 2019 (the required spend time line) to spend the balance (US$535,000) within the Morabisi project, or walk away. This would mean that they would be foregoing any other prospective minerals/metals on the rest of the tenement with the words of King reverberating in my head of the "Greenbushes/Pilgangaroo scale."

Would the already spent money be offset against the penalty clause of meeting a portion of the minimum expenditure requirements applicable for that stage?

Walking away would certainly leave a lot of egg on faces and the reputations of all involved (JV Partners (GSM) for convincing GPP, and the GPP board for convincing the market that they had the rival to Greenbushes and the Pilgangaroo region) in tatters.

All IMO only ......

cheers

Expand

no need to apologise, as you say it comes down to interpretation, I think the egg has started to dry on there faces from the bold statements on the size of Morabisi compared to Greenbushes, IMO if nothing substantial comes back from the assays the drilling program on Turesi is over, and probably the most sensible conclusion, with February 2019 as there cut off date they can afford to wait till the 7 holes are returned from the labs before deciding, GLTAH

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

GRL

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

HotCopper Highlights: Your most watched stocks for Week 46, 2024

EDE

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

AUN

Cyclone signs MOU with Vale for development of Iron Bear play

AN1

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

LYN

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

ME1

Banshee's historic trenches prove rich in antimony and gold for GDM

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

BNL

no need to apologise, as you say it comes down to...

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

HotCopper Highlights: Your most watched stocks for Week 46, 2024

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

Cyclone signs MOU with Vale for development of Iron Bear play

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Banshee's historic trenches prove rich in antimony and gold for GDM

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

no need to apologise, as you say it comes down to...

Top Stories

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

HotCopper Highlights: Your most watched stocks for Week 46, 2024

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

Cyclone signs MOU with Vale for development of Iron Bear play

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Banshee's historic trenches prove rich in antimony and gold for GDM

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado