The point is that have they previously done the leg work and established relationships ? You have to ask why they dropped it .
You have to wonder when you look at the vendors of the HPA and now major holders and the relationship between the latest CU2 acquisition also looking at the terms raises a few ??
On 17 July 2017, HEG Limited announced it entered into a binding asset Sale and Purchase Agreement to acquire a HPA Project (high purity alumina) including the rights, title and interests in granted exploration licences, tenement applications and the entire issued share capital of Pure Alumina Pty Ltd (ACN 618 881 137), a company associated with Tolga Kumova and Tom Eadie. The terms of the agreement have been advised in previous announcements and are summarised as follows:·
HEG will be operator of the assets and will pay for all costs;·
On completion of conditions precedent, HEG will issue 8M shares and pay $100,000 in cash to the vendors who have the right to appoint one director to the HEG board;·
On completion of a Prefeasibility Study, HEG will issue 20M shares to the vendors and HEG will own the tenements, HPA information and related rights;·
Completion of a viable Definitive Feasibility Study (DFS) is expected to occur within 2 years and at such time HEG will issue $1.5M shares to the vendors at the lesser of 20c per share and 30 day VWAP, with a floor price of 10c per share;·
If viable DFS not achieved within two years then $100kpa payments, pro rata per month, until achieved or up to 31 December 2022; and·
Upon receipt of sales contract for 100% offtake arrangement for 1.5 time payback period, HEG will issue $0.5M shares to the vendors at the lesser of 20c per share and 30 day VWAP, with a floor price of 10c per share.
The HPA Project tenements (Exploration Licences 5457 and 5461 and Exploration Licence applications 006447 and 006428) are located near Ballarat, Victoria at Pittong and Lal Lal in areas where kaolin mining and processing has continued for decades.
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The point is that have they previously done the leg work and...
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