TSXV:SOP.H - Post by User
Comment by
JackBaueron Jul 10, 2021 6:23pm
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Post# 33527057
RE:9 months delay/deal is dead.
RE:9 months delay/deal is dead.
Deal isn't dead. JV is done with CCI(Tamra). VGLS said they planned to purchase Tamra Mining from CCI. VGLS was shady garbage using this deal to prop up their share price and liquidate debt. The new JV corp already exists (Blawn Mountain Mining LLC), but SOP doesn't get paid for the JV until the acquisition of Tamra closes. Tamra + JV are being sold as a package deal. So now we have 3 new companies bidding on Tamra and the JV who have all agreed to honour the JV. I assume that a condition of the JV is that the funds go directly to SOP otherwise they wouldnt be protected from CCI or the acquiring party pulling out. Unlike VGLS these new acquriring parties will have the funds. VGLS deal was delayed due to a wait on 'closure of financing'.
We are in a much better position now with VGLS out of the picture. I know some of you are nervous, but regardless of the lengthy wait I am much more confident about the deal now. We are just waiting on the completion of Tamra's plant property reserves assessment(none of the extended properties that have the Alderran buy-in). That assessment will allow Tamra to set a base valuation in negotiation with the 3 bidding parties.
GLTA