Temas communicationFor those indicating that Temas may want a bigger piece of the property and that Erin has no control in this deal and is bargaining from a position of weakness, I could not disagree more. I would like to present the wording from the last news release that was released by both parties.
"Further to the news release dated Dec. 17, 2020, in which Erin stated that it had entered into a letter of intent with Temas Resources Corp. for the joint development of Erin's Piskanja borate project, the parties have recently concluded their due diligence process with a favourable outcome, and are now working to complete a definitive, binding agreement based on the terms in the LOI. It is anticipated that the definitive agreement will be completed imminently."
Erin has a great deal of influence in this transaction. They have a fantastic property and Temas is not the only company that they can partner with. Erin owns 100% of it and has lots of time to find a new partner if Temas is backing out of the LOI terms. Temas wants to be part of this deal every bit as much as Erin wants to partner with them to help move the project forward.
I know we are all anxiously waiting for this to get finalized. But if you look at the news release from December, the DD was anticipated to be finished Feb 28 with a binding agreement in place a month and a half later (by April 15). It is clear that the DD took longer than anticipated and only finished on April 13. I would assume that the process of finalizing a binding agreement may still take the same month and a half as indicated in the original news release. That would put us at the end of May.
I am keeping my fingers crossed that we will hear news by the end of the month.