GREY:OLEPF - Post by User
Comment by
hoosier1on Jul 07, 2013 7:02pm
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Post# 21593163
RE:G1 read page 5 of the directors circular under Background to the Teranga Offer...
RE:G1 read page 5 of the directors circular under Background to the Teranga Offer...tony...
As I understand it, TGZ wanted Senegal to waive it's 25% participation rights BECAUSE Teranga already has an operating mill and the govt of Senegal has a participation buy-in alrady established within TGZ's mining license.
Page 52, next to last paragraph... starts with, "On April 2, 2013...provides for a price and formula to purchase the waiver... on any deposits NOT currently on Teranga's Sabadola Mining License that WOULD BE PROCESSED through Teranga's existing mill.
In essence to forgo any possibility of Senegal "double dipping"... one with TGZ's mining license and one with OJVG's mining license.
Smart... obviously by TGZ... but this is only a specific provision for TGZ given it's existing mill & circumstances. I do not believe Senegal has been a prevent for any other buyers or offers. It would not be an issue for another buyer...
I believe another buyer probably would have done the same thing IF they then went on to buy TGZ
after buying OLE/OJVG... but I do not think Senegal was or has been a roadblock...
IMO
h1