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OH MY...WAIT A MIN...LOL
YUP..ITS IN THE PROVERBIAL SWEET SPOT..CHEERS
IF THIS IS A SCAM ITS A BEAUTIFUL ONE...IM LOADING GOOD LUCK ALL..CHEERS
feels good don't it? need a little more so please correct some...cheers
story just starting to unfold here... http://www.enertopia.com
lots of activity here at the end of year setting up for a great new year...cheers
why would this guy invest so much if this wasnt a winner?
lets get this in gear and take her up...cheers
MedX Holdings, Inc.
www.medxonline.com/
The world leader in specialized sports and medical strengthening equipment.
?Contact | MedX Holdings, Inc. · ?MedX Exercise Equipment · ?News & Events · ?About
this form 4 was very nice https://ih.advfn.com/p.php?pid=nmona&article=76272838 all aquired and close to 700k this man has some skin in the game...cheers
hey thanks...the BDI just broke out and on its way up and if TVOG can keep on track it will rise right along with it...cheers
taking a starter here...looks good for the new year and in the right business...cheers
starting a position here...looks like somethings in the works...cheers
working on a starter here...looks great for the new year...cheers
How about for this use??
hey tommy, go check out medh..some strange volume last few days and type the symbol in at otc and a new companys news comes up something to do with excersize equipment.... also the web site has changed from godaddy to the new company...looks to me like somethings up...maybe gonna run it...cheers bud
found that last post on the law insider site...not sure if its news or not but there it is...cheers
Still waiting for ferry i guess...gla
Tempus Applied Solutions Holdings, Inc. – Vendor Agreement (2017-11-28)contract
This vendor agreement is dated 1st of July, 2017, and is between TEMPUS APPLIED SOLUTIONS HOLDINGS, INC. ("Company"), and SANTIAGO BUSINESS CO., INTERNATIONAL LTD., a limited company registered in British Virgin Islands ("Vendor"). This Agreement will supersede any previous Agreements.
TEMPUS APPLIED SOLUTIONS, LLC Scott Terry, CEO Santiago Business Co., International Ltd.,As a non-employee of Tempus Applied Solutions Holdings, Inc.,If I am uncertain or do not understand the Tempus policy guidelines, I will contact the appropriate Tempus manager for assistance and direction within 24 hours.,I agree to only release information under Tempus guidelines or as required by law.,Such unauthorized disclosure may result in Tempus repossession of all of my or my representative’s access to information, Tempus may also act up to and including termination of my business relationship with Tempus and asserting its full rights under the law.
Tempus Applied Solutions Holdings, Inc. – AIRCRAFT PURCHASE AGREEMENT Dated as of the 11 Day of August, 2017 Between ME Aviation Services, LLC as Seller, and Tempus Applied Solutions Holdings, Inc. As Purchaser, Concerning Six (6) Lockheed Corporation Model L-1011 Tristar Aircraft Bearing United States Registration Marks N304CS N405CS N309CS N705CS N507CS N703CS and Manufacturer's Serial Numbers AIRCRAFT PURCHASE AGREEMENT (2017-11-28)contract
Exhibit 10.1 AIRCRAFT PURCHASE AGREEMENT Dated as of the 11 day of August, 2017 between ME Aviation Services, LLC as Seller, and Tempus Applied Solutions Holdings, Inc.,as Purchaser, concerning six (6) Lockheed Corporation model L-1011 Tristar aircraft bearing United States registration marks N304CS N405CS N309CS N705CS N507CS N703CS and manufacturer’s serial numbers 1157 1164 1165 1174 1186 1188 AIRCRAFT PURCHASE AGREEMENT This AIRCRAFT PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of the __11th__ day of August, 2017 (the “Effective Date”), by and between Tempus Applied Solutions Holdings, Inc., having its office at471 McLaws Circle, Suite A, Williamsburg, VA 23185, The United States of America, and/or its assigns (“Purchaser”), and ME Aviation Services LLC, having its registered offices at 3033 5th Avenue, Suite 227, San Diego, CA 92103 (“Seller”).,“Shares” means [6,730,770] shares of the authorized share capital of Tempus Applied Solutions Holdings, Inc.,All communications, declarations, demands, consents, directions, approvals, instructions, requests and notices required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given or made when delivered personally or transmitted electronically by facsimile or email, receipt acknowledged, or in the case of documented overnight delivery service or registered or certified mail, return receipt requested, delivery charge or postage prepaid, on the date shown on the receipt therefor, in each case at the address set forth below: If to Purchaser:Tempus Applied Solutions Holdings, Inc. 471 McLaws Circle, Suite A, Williamsburg, VA 23185, The United States of America Attn: Mr Scott Terry E-Mail: sterry@tempus-as.com With copies to:Groom & Cave, LLP 1570 The Alameda, Suite 100 San Jose, California 95126 Attn: Timothy H.,Seller: ME Aviation Services, LLC, By: Name:Johan Claasen Title:CEO Purchaser: Tempus Applied Solutions Holdings, Inc., By: Name:Mr Scott Terry Title:Authorised Signatory CONSENT AND JOINDER OF ESCROW AGENT Purchaser and Seller have appointed the Escrow Agent as document holder and stakeholder for the sale and purchase of each Aircraft, and the Escrow Agent accepts such appointment for and in consideration of escrow fees set out below.
LeadFX to complete Paroo Station DFS in December
2017-11-20 19:30 ET - News Release
Mr. Andrew Worland reports
PAROO STATION LEAD MINE AND CORPORATE AFFAIRS UPDATE
LeadFX Inc. has provided an update on the status of the definitive feasibility study for a proposed hydrometallurgical facility at the company's 100-per-cent-owned Paroo Station lead mine in Western Australia and its corporate affairs. (All dollar amounts are in U.S. dollars unless otherwise indicated )
Paroo Station Lead Mine - 70,000tpa Hydrometallurgical Facility Definitive Feasibility Study
InCoR Energy Materials Limited is financing the completion of a definitive feasibility study into the technical and financial viability of producing up to 70,000 tonnes per annum of lead ingots from the Paroo Station lead mine ("DFS"). Lead ingots would be produced from a special purpose hydrometallurgical facility to be built on site, adjacent to the existing concentrator facility, treating the flotation concentrate to produce lead ingot.
The DFS is being prepared by global engineering and construction firm SNC-Lavalin (TSX: SNC) out of their Perth office. The preparation of the DFS has advanced with DFS-level engineering, design and estimation nearing completion, subject to the remaining test work programs.
A variability test work program designed to simulate the life of mine concentrate feed to the hydrometallurgical facility has commenced. A hydrometallurgical pilot plant has been assembled at ALS Metallurgy laboratory premises in Balcatta, Perth to simulate the ore to finished product flowsheet. A 20t bulk ore sample has been delivered from site and a pilot flotation circuit has been used to prepare concentrates for the pilot plant. The pilot plant will treat these concentrates to produce lead cathode over a period of up to two weeks, expected to commence on or around November 23, 2017. Accordingly, management expects the DFS to be completed later in December 2017.
The existing mine is fully permitted to mine and produce lead concentrates and to transport those concentrates to the port of Fremantle, Western Australia for export. LeadFX management has met with representatives from the Office of Environmental Protection Authority ("EPA") to discuss the permitting process for the hydrometallurgical facility and proposed mine expansion, and plan to submit referral documentation in January 2018 to allow the EPA and other regulatory agencies to commence their assessment process.
Corporate Affairs
In August 2017 LeadFX announced that each of Enirgi Group Corporation ("Enirgi Group") and Enirgi Group Services Australasia Pty Ltd, a wholly owned subsidiary of Enirgi Group, had provided the Company and Rosslyn Hill Mining Pty Ltd ("RHM) - owner of the Paroo Station lead mine - respectively notice to terminate their respective management services agreements following a transition period of up to 90 days. The transitional period concludes today November 20, 2017.
The management of LeadFX has now been relocated to Perth to reflect the increasing focus of the Company on the re-start process for the Paroo Station lead mine. All corporate, finance, investor relations, regulatory affairs and administration functions are based out of Perth. Moreover, each of the Company's key technical service contributors to the Paroo Station lead mine DFS and its operations are within short distance of key management. LeadFX's head office and mailing address is now: Suite 1D, 21 Teddington Street, Burswood, Perth, Western Australia 6100.
A number of office holders of LeadFX have either ended or end their association with LeadFX today including the Company's Chief Financial Officer Mr. Lincoln Greenidge. The position of Chief Financial Officer will be filled on an interim basis by Mr. Michael Roach who is expected to commence with LeadFX on 18 December 2017. Michael is a CPA with a Bachelor of Commerce degree from Curtin University in Perth. Michael has worked for RHM on two previous occasions and understands the Company's finance and accounting systems well. We look forward to Michael joining the Company. The Board of Directors thanks Lincoln for his dedicated service to LeadFX and wishes him every success for the future.
Commenting on the transition Chief Executive Officer Andrew Worland stated "I would like to thank the Enirgi Toronto and Melbourne teams, in particular my predecessor Rob Scargill, for the highly professional way in which they have undertaken the transition of management services and handover of corporate, financial, investor and regulatory affairs knowledge. Without exception staff have been very gracious with their time and I wish each of them well.
North American lead assets
The Company has a majority ownership position in Chief Consolidated Mining Company ("Chief"), and Chief owns mining properties in the State of Utah, United States. Chief has entered into an agreement with the Utah Division of Oil, Gas and Mining to extend the mining permits on properties owned by Chief and associated with the historic Burgin mines in the Tintic District in Utah. The Company is considering ways to monetize or divest its investments in the region. LeadFX has received expressions of interest from a number of parties to participate in the future development plans for the properties. In the week beginning November 6, 2017 the Company hosted some of these parties on site as they undertook initial due diligence.
Strategic Focus
Management's focus is geared toward bringing the Paroo Station lead mine into production as a lead ingot producer in the shortest possible timeframe. Key tasks required to achieve this include, but are not limited to:
Completing and release the results of the hydrometallurgical facility DFS and a new life of mine economic model for the Paroo Station lead mine;
Initiate value engineering on improvement opportunities identified in the DFS;
Expedite the approvals process for the hydrometallurgical facility;
Manage and secure the Company's working capital position through June 2018 and beyond, including refinancing of the existing secured debt due to Sentient on 28 February 2018;
Subject to the outcomes of the DFS and working capital availability, commence early works and procurement of long lead items;
Securing full project financing for the hydrometallurgical facility.
About LeadFX
LeadFX is a Toronto Stock Exchange listed ("LFX"), Australian based, mining company focused on the development of its lead and lead-silver projects located in Australia and North America. The Company's primary undertaking is the Paroo Station lead mine. The Paroo Station lead mine is located 30km west of the town of Wiluna in Western Australia (refer Figure 1). The Company also owns an 83.5% interest in the Burin mines and surrounding land claims in the Tintic mining district 60 miles south-east of Salt Lake City, Utah and exploration interests in the Amber Mineral belt in Alaska.
The Paroo Station lead mine has been on care and maintenance since January 2015 (refer Figure 2). A dedicated staff of plant operators and technicians have undertaken consistent structural and integrity checks of plant and equipment, run mills at regular intervals and maintained the flotation tanks ensuring the plant can be re-started and brought back to pre-closure production levels within months.
We refer readers to the Company's Annual Information Form dated February 23, 2017 as filed on SEDAR (wwww.sedar.com) and the Company's website www.leadfxinc.com for details of historical production performance for the Paroo Station mine and the NI43-101 Technical Report on the Paroo Station Lead Carbonate Mine, Wiluna, Western Australia dated March 10, 2015 for prepared by SRK Consulting (Australasia) Pty Ltd for details on Mineral Resources.
that is 1 ugly chart in the i-box lester...can you spruce it up a bit...cheers
God Bless you Lester...lol
LeadFx investor InCoR acquires 964,031 shares
2017-10-27 18:42 ET - News Release
Mr. Kyler Wells of InCoR Energy reports
INCOR ENERGY MATERIALS LIMITED: EARLY WARNING REPORTFILED PURSUANT TO NATIONAL INSTRUMENT 62-103
This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take Over Bids and Insider Reporting Issues, in connection with the acquisition of securities of LeadFX Inc. by InCoR Energy Materials Ltd. (the acquiror, together with InCoR Technologies Ltd.).
The acquiror announces that, on Oct. 27, 2017, LeadFX issued to the acquiror 964,031 common shares, representing approximately 2.4 per cent of the issued and outstanding common shares. The common shares were acquired on a private placement basis at a price of 80 cents per common share for gross cash consideration of $771,225. Prior to the transaction, InCoR held 642,688 common shares and warrants to acquire up to 28.75 million common shares of the company, representing approximately 43.1 per cent of the issued and outstanding common shares (assuming full exercise of the warrants). After giving effect to the acquisition of the securities under this placement, and assuming the full exercise of the warrants and no additional issuances of common shares, InCoR would own an aggregate of 30,356,719 common shares of the issuer, representing approximately 43.3 per cent of the outstanding common shares, expressed on a non-diluted basis. The securities were acquired on a private placement basis by InCoR for investment purposes, and InCoR may, depending on market and other conditions, increase or change its beneficial ownership over the common shares or other securities of the company through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise. A copy of the early warning report filed under applicable securities laws is available under the company's profile on SEDAR. A copy of such report may also be obtained by contacting DS Lawyers Canada LLP, the acquiror's Canadian legal counsel, at kwells@dsavocats.ca. As disclosed on its SEDAR profile, LeadFX's head office is located at 1 Adelaide St. E, Suite 3001, Toronto, Ont., M5C 2V9. The name and address of the acquiror filing the report is InCoR Energy Materials Ltd., Jocelyn Bennett, 12 Upper Berkeley St., London, W1H 7QD, United Kingdom.
please wake me when the ferry lands...cheers
fantastic road builders but a little light in the mining department...gl lester i hope they turn this around...cheers
gotta admit, alota sell pressure right now...not sure about 6-7 worth but lower indeed...
lol right...and lets hope he dumps all his shares at the same time...priceless
I agree lester, a R/S would be a Death(Row)Financing kinda move...they don't need that exchange that much if it comes to that...cheers
what is a good entry point then? its not like they are going out of biz anytime soon...cheers
That's not out of the realm of happening and would be just what the doctor ordered...cheers
thanks man...cheers
well they have been stating property sales and possible JV with another mining company besides the 1 with Tonogold so I expect something more here soon...cheers
well 1 thing we can all agree on is that lode is probing for a bottom here give or take a cent or 2...cheers all
the more I look at the chart the more it looks like a double bottom has been put in with a fair amount of volume...
http://stockcharts.com/freecharts/gallery.html?LODE
LeadFX loses $2.93-million (U.S.) in Q3
017-10-24 19:04 ET - News Release
Ms. Jessica Helm reports
LEADFX REPORTS THIRD QUARTER 2017 RESULTS
LeadFX Inc. has released its results for the third quarter ended Sept. 30, 2017. (All dollar amounts are in U.S. dollars unless otherwise indicated . This release should be read in conjunction with the company's unaudited financial statements for the quarter ended Sept. 30, 2017, and management's discussion and analysis found on the company's website or on SEDAR.) In the third quarter, the company incurred a net loss of $2.9-million, or eight cents per share, which is 2 per cent higher compared with the same period in 2016.
As the Paroo Station mine was in care and maintenance in both periods, costs were broadly comparable in both periods except for a lower impairment of inventory, net of reversals related to gas stocks, which were no longer held in the third quarter, and lower management services fees. Foreign exchange is principally incurred on accounts payable balances denominated in Canadian and Australian dollars. Prior to July 19, 2016, borrowings were also denominated in Canadian dollars. Refer to the borrowings section of the corresponding management's discussion and analysis of results of operations and financial condition for the quarter ended Sept. 30, 2017, for further information.
During the third quarter, Sentient Executive GP IV Ltd. (for Sentient Global Resources Fund IV LP) agreed to refinance its outstanding secured and unsecured debt obligations under the bridging facility (as defined below) and notes (as defined below), and extend the maturity date for repayment of the outstanding indebtedness owing to Sentient IV to Feb. 28, 2018, pursuant to the amended and restated bridging facility (as defined below).
On Aug. 29, 2017, LeadFX entered into a binding term sheet (as defined below) with Sentient IV and InCoR Technologies Ltd. and InCoR Energy Materials Ltd. for the issue of up to 3,125,000 common shares of the corporation at 80 Canadian cents per common share by way of a non-brokered private placement for gross proceeds of approximately $2.5-million (Canadian) to close in two separate tranches. On Aug. 31, 2017, the company closed the first tranche of the offering whereby Sentient IV purchased 607,312 common shares and InCoR purchased 642,688 common shares for gross proceeds of $1-million (Canadian). The company anticipates closing tranche 2 of the offering on or before Oct. 31, 2017.
Paroo Station is on full care and maintenance, and, as a result, additional financing will be required to meet the company's strategic growth plans, continuing costs and loan commitments.
Operational
During the third quarter of 2017, the company underwent management and board changes. Robert Metcalfe, Peter Robson, David Ming Qi and Wayne Richardson resigned from the board of directors of the company. The board is currently composed of David Warner (chairman), Michel Marier and David Dreisinger. In addition, on Aug. 18, 2017, Enirgi Group Corp. and Enirgi Group Services Australasia Pty. Ltd., formerly Enirgi Metals Group Pty. Ltd. (EGS), a wholly owned subsidiary of Enirgi Group, provided LeadFX and Rosslyn Hill, respectively, notice to terminate their respective management services agreement, following a transition period of up to 90 days. The transition process is under way and expected to be completed by no later than Nov. 20, 2017. As part of that process, effective Oct. 1, 2017, Andrew Worland was appointed the new chief executive officer and corporate secretary of LeadFX. The company will consolidate its project management, finance, corporate and administrative functions out of its Perth office.
As a result of efforts made in the first quarter, on May 12, 2017, and subsequently updated on June 19, 2017, the company announced that the board approved entering into an arm's-length transaction with InCoR related to the transfer of lead hydrometallurgical processing technologies to LeadFX for the initial development of a lead hydrometallurgical processing facility at Paroo Station pursuant to the terms and conditions of a definitive umbrella agreement dated June 20, 2017, between InCoR and the Sentient group of global resource funds.
The new lead processing technology has the potential to transform Paroo Station from a relatively short-life, moderate-risk lead concentrate operation to a longer-life, lower-cost, lower-risk lead metal producer. This in turn will provide a significant production platform on which to build a world-class lead resources business through the application of InCoR's oxide and sulphide technology at other mining projects and further development for application for other purposes including lead recycling.
Highlights of the transaction include:
SNC-Lavalin Australia Pty. Ltd. been contracted by InCoR to prepare a definitive feasibility study (DFS) on a lead hydrometallurgical processing facility at Paroo Station at InCoR's sole cost.
Success criteria for the DFS include a near tripling of Paroo Station gross operating cash flow after capital expenditure to $450-million and a mine life of 10 years or more.
There is no cost or dilution to LeadFX if DFS fails to meet the success criteria.
LeadFX will have exclusive right to use and sublicense InCoR's lead processing technologies worldwide.
Following finalization of definitive documentation, on Aug. 14, 2017, InCoR was issued two separate common share purchase warrants to acquire (in the aggregate) up to 28.75 million common shares in the capital of LeadFX with 80 per cent exercisable only on delivery of a successful DFS and 20 per cent exercisable only on securing environmental approvals to construct a hydrometallurgical processing facility at Paroo Station.
InCoR transaction and Paroo Station
Lead hydrometallurgical technology
InCoR holds: (i) an exclusive licence from BASF SE related to patented hydrometallurgical technology for recovering lead from a mixed oxide material; and (ii) an exclusive licence from the University of British Columbia related to patented hydrometallurgical technology for recovering lead from a lead material including lead sulphide, both of which utilize methane sulphonic acid as a leaching agent.
Terms of the transaction
Pursuant to the terms of the agreement, InCoR will undertake and pay for a DFS for the development of a lead hydrometallurgical processing facility at Paroo Station using the oxide technology. SNC-Lavalin will be contracted by InCoR to perform the DFS. The estimated cost of the DFS and associated works is $5-million, which will be financed solely at InCoR's cost.
Pursuant to the agreement, on Aug. 14, 2017, LeadFX issued the warrants to InCoR to acquire (in the aggregate) up to 28.75 million common shares, which, on a pro forma transaction basis, represent approximately 42.9 per cent of the outstanding common shares, expressed on a non-diluted basis. The warrants will be exercisable for no additional consideration, on and subject to the occurrence of the following triggering events:
Eighty per cent of the warrants (23 million common shares) are to be exercisable only on completion of the independent DFS (as described below) fully financed by InCoR. The DFS will be deemed to be completed and successful if, and only if, it meets strict criteria, including: (i) a demonstrable Paroo Station life of mine of no less than 10 years, and (ii) Paroo Station life-of-mine gross operating cash flows minus facility capital expenditures of no less than $450-million. Upon the successful completion of the DFS and the exercise of 80 per cent of the warrants, InCoR will transfer the technology and the rights thereto to LeadFX.
The remaining 20 per cent of the warrants (5.75 million common shares) are to be exercisable only upon receipt of definitive environmental approvals by LeadFX to construct a lead hydrometallurgical processing facility at Paroo Station.
In connection with the transaction, the company nominated an InCoR representative to the LeadFX board, Dr. David Dreisinger, who was elected at the annual meeting of shareholders on June 28, 2017. Following the delivery of a successful DFS, the company will nominate a second InCoR representative to the LeadFX board.
Definitive feasibility study
The DFS is being prepared by SNC-Lavalin, a world-renowned engineering and construction firm independent of the company and InCoR.
As part of the work being performed for the DFS, a drill sampling program has been completed at Paroo Station to test the oxide technology on various ore types. With the drill sampling complete, InCoR also completed variability testing of the oxide technology on the various ore types. InCoR anticipates that the DFS will be completed in the fourth quarter. Until the DFS is complete, the company cannot provide any assurances with respect to the outcomes of the DFS, including whether the construction of a hydrometallurgical processing facility at Paroo Station would be technically or economically feasible or would increase the mine life.
While InCoR is undertaking the DFS, InCoR has convened a committee which includes a representative of LeadFX to meet monthly and hear reports from InCoR on the progress of the DFS and provides other representatives with the opportunity to ask questions about its progress.
Rationale and background to the transaction
The transaction is anticipated to benefit all LeadFX shareholders. If the DFS is positive, LeadFX will hold a significantly more attractive project at Paroo Station, with the opportunity to increase the mineral reserves, extend Paroo Station's operating life, reduce the cost structure, eliminate the sensitivities associated with transporting lead concentrate and reduce the risk of future shutdowns. Additionally, following InCoR's transfer of technology to LeadFX, LeadFX will also hold lead technology rights (through the technology) that have the potential to be deployed on a range of future projects and strategic endeavours, including lead recycling. InCoR is expected to contribute significant expertise in mineral processing that will support the value to be created at Paroo Station and the deployment of the transferred technology for other purposes.
As of the date hereof, Paroo Station remains in care and maintenance. The transaction offers an opportunity to fundamentally alter Paroo Station's life of mine and economics, which, in management's view, would increase the likelihood of a successful and profitable restart and improve the financing options in respect of Paroo Station. Accordingly, a decision on a mine restart using the existing concentrate production technology is expected to be deferred until completion of the DFS.
InCoR shall receive no consideration from LeadFX if the DFS is unsuccessful.
Burgin mine
The company secured a five-year extension to the mining permit at the Burgin mine. The company owns approximately 83 per cent of Chief Consolidated Mining Company, which owns the historical Burgin lead-silver-zinc underground mine near Eureka, Utah. The company considers the Burgin mine to be a potential brownfield development opportunity in the future.
North 67 Alaskan mining claims
The company has undertaken a review of the mining tenements held by North 67 in light of its current financial condition and its priority of supporting the completion of the DFS for Paroo Station as part of the transaction with InCoR. In particular, North 67 is required to pay rental and other prescribed fees by Nov. 30, 2017, to maintain the mining claims for the coming year; otherwise, the claims will be deemed abandoned by operation of law.
Liquidity and financial condition
Operating activities
Cash used in operating activities in the current period was $200,000 (16 per cent) lower than in the third quarter of 2016, primarily due to lower care and maintenance costs.
Investing activities
There have been no investing activities during the third quarter. There were no investing activities during the same period in the prior year, apart from interest received on restricted cash pertaining to bank guarantees for gas supply contracts.
Financing activities
Financing activities were $798 in the current period compared with $986 in the same period in 2016. The 2016 amount pertains to the $1.0 from the notes in the third quarter, partially offset by finance lease payments.
Private placement
On Aug. 29, 2017, LeadFX entered into a binding term sheet with Sentient IV and InCoR for the issue of up to 3,125,000 common shares of the company at 80 Canadian cents per common share by way of a non-brokered private placement for gross proceeds of approximately $2.5-million (Canadian), to close in two separate tranches. Pursuant to the binding term sheet, Sentient IV and InCoR have agreed to purchase no fewer than 607,312 and 642,688 common shares, respectively, under the first tranche of the offering and no fewer than 910,969 and 964,031 common shares, respectively, under the second tranche of the offering.
The first tranche of the offering closed on Aug. 31, 2017, for gross proceeds of $1-million (Canadian), with the second tranche of the offering expected to close on or before Oct. 31, 2017. Proceeds of the first tranche were used for general corporate purposes and working capital needs of the company based on an agreed schedule of budgeted expenditure, and proceeds of the second tranche will be determined by InCoR and Sentient IV pursuant to the budgeted expenditure needs of the company closer to the time of the second tranche closing. The closing of the offering is subject to certain conditions, including receipt of final approval of the Toronto Stock Exchange, and subject to certain exceptions, LeadFX not to issuing any additional common shares for a period of four months after the closing date of the offering without the prior written consent of Sentient IV and InCoR.
Following completion of the offering, Sentient IV and InCoR will hold approximately 82.3 per cent and 3.9 per cent of the issued and outstanding common shares of LeadFX, respectively.
Borrowings
Amended and restated bridging facility
On Jan. 29, 2013, the company entered into a $20-million (Canadian) secured loan facility with Sprott Resources Lending Partnership, bearing interest at 12 per cent per annum secured by the assets of Paroo Station.
On Dec. 18, 2015, Enirgi Group, Sprott and the company entered into an agreement pursuant to which Enirgi Group paid Sprott the outstanding balance owed by the company to Sprott under the Sprott facility resulting in the company owing Enirgi Group $9.6-million (Canadian) ($7.0-million). Pursuant to the agreement, all of the company's obligations to Sprott were extinguished, and Enirgi Group assumed all of Sprott's rights including Sprott's security over Paroo Station. Effective July 19, 2016, Enirgi Group assigned the bridging facility to Sentient IV. The bridging facility was further amended on July 19, 2016, to convert the outstanding principal and accrued interest payable from $10.3-million (Canadian) to $7.9-million (U.S.).
As a result of the decision to place Paroo Station on care and maintenance on Jan. 16, 2015, events of default were triggered under the bridging facility. On June 21, 2016, Sentient IV agreed to forbear from enforcing its rights under the bridging facility until June 30, 2017, and on June 29, 2017, Sentient IV agreed to forbear from demanding repayment of: (i) the principal and accrued interest under the bridging facility, and (ii) the principal amount of $6.5-million under four non-interest-bearing unsecured promissory notes issued by the company to Sentient IV, until July 31, 2017.
On Aug. 1, 2017, Sentient IV entered into an amendment and restatement of the bridging facility with the company, which, among other things: (i) cancelled the notes and added the principal amount of the notes to the outstanding balance owed under the bridging facility with interest accruing on the new principal amount at the pre-existing interest rate of 10 per cent per annum; and (ii) extends the forbearance period and maturity date for repayment of principal and accrued interest to Feb. 28, 2018.
As at Sept. 30, 2017, the company owed $15.5-million under the amended and restated bridging facility to Sentient IV. The amended and restated bridging facility, which is secured against the assets of Paroo Station, bears interest at the rate of 10 per cent with a maturity date of Feb. 28, 2018.
A copy of the amended and restated bridging facility has been filed at SEDAR and is available at SEDAR.
Capital resources, liquidity and working capital requirements
As at Sept. 30, 2017, the company had a working capital deficit of $24.6-million, which included $15.5-million owing to Sentient IV under the amended and restated bridging facility, with a maturity date of Feb. 28, 2018. Neither Paroo Station nor the Chief properties are operational or generating revenue.
Notwithstanding the gross proceeds of the offering received by the company during the third quarter of 2017, the company has limited cash available, other than to meet near-term obligations, and will require additional financing in the near term. The company's ability to continue as a going concern is dependent on a number of factors, including, but not limited to, the company's ability to either: (i) refinance the amended and restated bridging facility, (ii) raise additional funds to meet its debts and obligations as they fall due, or (iii) undertake further transactions which may realize the value of the company and its assets. The company will need to raise funds to pay for its continuing costs of operations and undertake at least one of these aforementioned actions to service its working capital deficiency, meet its commitments to lenders, meet the costs of care and maintenance, meet the costs of any potential future restart of Paroo Station, and meet the costs of bringing the company's mineral projects into production. The amount of any financing requirement will be dependent on several factors, including, but not limited to: the nature of any refinancing of the amended and restated bridging facility, the nature of any additional transactions undertaken by the company, the outcome of further negotiations with the company's lenders, the costs and duration of care and maintenance, the timing and cost of any potential future restart of operations at Paroo Station (subject to a successful DFS), any decision to pursue a hydrometallurgical processing facility at Paroo Station, and the cost of bringing the company's mineral projects into production.
I owned coinstar way back when...did ok with it...they are all over...the tech is interesting too..im in another company that does projection too...cheers
it looks like a winner...watching now and looking for chart formation...cheers
"Three Tristars would represent a substantial private aerial refueling capability that the US Navy, USMC, or other foreign air arms with aircraft that use probe and drogue tanking to take advantage of. For the Navy and USMC in particular, the Tristars could offload up some of NAVAIR's tanking demand off the USAF's shoulders."
http://www.thedrive.com/the-war-zone/13486/retired-raf-tristars-will-get-new-life-as-contracted-aerial-refuelers
ubet lester, 2 guys with gopros on the tour with fellow shareholders then the at the dinner in town and then put it all on the web site and then folks will feel like the company cares about us and we get a good understanding of what we got...they should just hire me as their IR person lol...cheers
ubet...this has never looked better...cheers
Focus on more contracts is a quite expensive distraction
that's bloody outrageous statement...this stock explodes on contract refueling news...cheers