First Tidal Acquisition Corp T.AAA

AGM update

[Fertiman]

Here is Skippers summary of the AGM....


Now, my take on the meeting today:

+ new focus on Africa agriculture. Previously, the Asian market was the focus; with economic &

agricultural growth within the east & west African nations, more attention will be directed there.


+ it was mentioned previously (& the presntation) that Ethiopia will take 4% royalty on production,

with the plan for taxation be reduced from 35% to 25%.  Allana is currently striving to get tax

holidays & a special investment licence.


+ funding plan has been accelerated; key players to meet with AAA Mgmt next week.


+ advanced stage talks currently with large fertilizer companies;


+ Ethiopia's excellent agricultural growth plans to key on 4 blending NPK facilities, expected to

produce 200mm tons of potash, of which AAA could see 10% of this production;


+ the mining licence granted by the Ethiopian govt is a key factor in govt support;


+ Currently cash on hand is $10mm, with current burn rate of $1mm/month, with plans to get it

down to $4-500k/month. This should be good for 2 years (that's the plan);


+ AIM listing was originally intended to provide an entry for European/Asian market to Allana

trading. As we now know, it has been delayed until after strategic financing has been completed

(sometime Q1 2014);


+ Ms Walters resignation as Director was a result of LMM Management re-focus. She may return in

due course. LMM still has the option to fill a replacement for her on Allana board;

+ Allana has good relations with Yara. Yara needs help with water & port facility. They talk

monthly;


+ the BPC breakup hurt the potash market initialy but, the good side was beneficial to Allana

because it gave the larger players an incentive to look at Allana & its Capex/Opex. As we know,

AAA's cost basis if crucial for competition. Allana is strong in this regard. Originally, our FS

showed a IRR @ 33% with potash @ $430.  With the price @ $300, our IRR is very good @ 20%;

+ the Djibouti port is to be fully funded (Saudi Arabia & Kuwait), with completion expected

EOY2015

BTW - I have to include ' E&OE' as I'm not a stenographer so there may be some inaccuracies. My apologies if there are.

Skipper
Read more at https://www.stockhouse.com/companies/bullboard/t.aaa/allana-potash-corp#tB8cMJukc7TEXBtC.99