RE:RE:Cash On Hand....?BEX and SIC received $0 in cash for the deal. Piedmont funded the new subsidiary in which they have 19.99% ownership $2M for exploration. That money is for Golden Hope/Killick. Not for use by SIC or BEX elsewhere. They cannot do that since the subsidiary is a separate legal entity.
SIC/BEX have not received $10M in Piedmont shares. Shares in Piedmont will be allocated in tranches over a period of years as Piedmont increases its ownership % up to 62.5%. HOWEVER, that is if Piedmonth goes that far. Piedmont can walk away after the $2M funding if they do not like what they see. IF Piedmont decides to keep progressing then the final value of Piedmont shares paid over a period of time (YEARS) will be max $10M.
SIC has immediate dillution and funding concerns coming up.
GLTA
BC