RE:RE:RE:RE:RE:RE:RE:Check Sedar - new filingsA little suspect; Horgan Holdings receives a success fee for the off-take. Stavros and Hamad are Directors etc. of Horgan Holdings; hmmmm. Even though this seems sketchy; to pay a fee out upon signing is a little early don't you think. Success fees should have been contigent upon actually shipping mineral resources which inturn would generate revenue to pay the fee. Thats like you and I signing our own cheques; hey let's pay one another 2.5M with no money.
I'm not a complete conspiracy theorist; I do have a possible solution to build this mine; next post. Those who receive Kiewit's published magazine Kieways would have read the article.
June 23, 2021 | Kieways 2021 Q2
https://newsroom.kiewit.com/kieways/a-gravel-road-and-so-much-more/
Stavros - Board May 7, 2015 - CEO, President, Director
Hamad - Jan 14, 2013 - Director
On December 30, 2016 the Company entered into an Off-Take Agreement with the National Federation of Farmers’ Procurement Processing & Retailing Co-operatives of India Ltd. (“NACOF”). The Off-Take Agreement provides for the supply of a minimum of 5,000,000 tonnes per year for a guaranteed period of twenty years for MOP. In connection with signing the Off-Take Agreement, the Company is required to pay a success fee to a related party in the amount of US$5.5 million (CDN$ 6,864,000 as at September 30, 2017) in cash and 15 million common shares (valued on date of agreement at $1,050,000) of the Company, subject to regulatory approval. The Company has recorded these costs in it’s the annual audited consolidated financial statements for the year ended December 31, 2016.
During the quarter ended December 31, 2016, the increase in net loss is due to corporate development consultants’ expenses of $840,000 under a finder’s fee agreement and $8,434,850 under a success fee agreement that became due upon signing of the Off-Take Agreement.
Related Party Transactions The Company’s related parties consist of the Company’s directors, officers and companies associated with them including the following: - Horgen Holdings Inc., a company which Stavros Daskos, the Chief Executive Officer and director, Aref Kanafani, a director and Hamad Al-Wazzan, a director, are principals. Included in accounts payable and accrued liabilities as at December 31, 2017 was $12,127,544 (2017 - $11,793,754) due to directors and officers of the Company and/or companies they control or of which they were significant shareholders. This amount is composed primarily of balances owing related to the success fee (Note 7), consulting fees, management compensation, accrued interest on the convertible debentures (Note 10), and mineral property interests (Note 9). Included in mineral property interest additions for the period ended June 30, 2018 was $nil (2017 - $2,350,000) due to a company that is controlled by one of the directors, which represents the amount of consideration established and agreed to by the related parties and approved by the Board of Directors.