Nemaska Lithium Inc NMKEF

Another extension to Sept 4th?

[Ciseaux]

On the facebook page, it says there will be a 2nd extension to Sept. 4th. But Lorenzo says that the bid submission deadline remains July 10th. 
What does this mean?

[phantom666]

Target Closing date was August 14/20, so maybe that was what was extended to September 04/20

[mick1888]

Yip...it's an extention of the protection from creditors (in the event things are not signed in August).

[Calgary_AB]

Mick, How positive can that be spun? Why would they need extended protection? I thought the offers were way more than covering the secured creditors therefore no need to worry...there is even 0.50 per share for the loser longs, right? Think about it... got silver?

[mick1888]

CalAB, quite simple really. They are only safeguarding the project from the 'circling sharks' as you gleefully remind us of. Wouldn't it be the ultimate farce if they agreed a deal but ran out of time to close it.... ;-) Incidentally you said the other day that it was your opinion that Nemaska asked for the extension, the following eigth monitors report dispels that theory (point 29).

[TFSAfunds]

mick, the extension of the SISP bid deadline by the debtors was submitted on Friday June 26th and granted on Monday June 29th... one business day later! So, do you really think an extension here, over a month away, is needed at this time? Maybe a bidder (the only one? lol) needs extra time to come up with some cash to close the deal? This way the favouritism is hidden, not that that would ever

[Loserboard]

Tesla doesn't need any cash to close this deal. Lots of cash.

[mick1888]

Tfunds, I have no idea whether the extension to 4 September is needed, but it is better to be safe than sorry (it's a sorry enough tale as it is)..... ;-) With regards to the bid extension - if more time means more on the table or more bidders competing, excellent. I couldn't care less if it was achieved five minutes before the existing deadline as long as the outcome is in our favour....

[bigkagan]

it all makes perfect sense - if they extended the bid deadline they also have to extend the acceptance deadline so that they have enough time to deliberate over the bids

[Calgary_AB]

you always skip to the good part that suits you...look at point 24, it was the debtors that asked for extension (probably because the bidds were not high enough to cover) for you the glass is always half full, for me is half empty... :)

[mick1888]

Of course it was the debtors that filed for it (it is only they that can control the procedure) at the request of the creditors (point 29).... ;-) GLTA longs

[mick1888]

Sorry CalAB, meant Bidders not Creditors.... ;-)

[dalesio_98]

CCAA Stay Period extended to September 4, 2020 and SISP Bid Deadline Extension remains July 10, 2020 PwC website updated July 9, 2020: https://www.pwc.com/ca/en/services/insolvency-assignments/nemaska-lithium-inc.html Status of file as at July 9, 2020  On July 9, 2020, following the filing of an Application by the Debtors, the Superior Court of Quebec issued an Order extending the

[dalesio_98]

Action Plan timetable: https://gofile.io/d/spQH82

[Calgary_AB]

Dalesio, I bet you a beer that July 14 there will be a liquidation auction... I don't think any of interested parties offered enough to cover the secured creditors...

[dalesio_98]

Minister Fitzgibbon indicated there wouldn't be enough to cover secured creditors ... so much for an objective and confidential process! ;) If a liquidation auction takes place that indicates the SISP process basically failed. Auction, as the case may be                July 14, 2020* Application to approve transaction       July

[Takeactionnow]

Thanks, L., for your posting of this and the other information. That is what these boards are best for: information and informed, sensible discussion about the issuer and its business.

[TFSAfunds]

Geez, seeing that I had to laugh! What has Calgary been doing here for a long time now? EXACTLY WHAT YOU SAID!!! But, nobody listened! Much to their own chagrin... Talk about someone being hypocritical or two-faced or talking out of both sides of your mouth at the same time! A paragon of virtue... like the Trudeau family when it comes to "charitable" work! lol Not to mention, 5 short