Bearing Lithium Corp fka BRGRF

[Dr_Vonschellan]

Hey Mick_Z, I will gladly_now take Fulin_first_before_you_Ozzies_10_times_over.

You Ozzies were by original contract supposed to inject into our JV a $31,843,840 (adjusted to $32,440,000 for inflation) Capital Increase as stipulated on page 4 of the original contract made in Chile between Minera Salar Blanco SpA Lithium, Power Inversiones Chile SpA and Minera LI Energy Click here for prime contract.
This injection of Capital Increase was supposed to be delivered as detailed in the Investment Agreement schedule Click here Investment Agreement:
____________________________________________________________Cumulative
Paragraph__________________________________Payment__Due Date__JV Shares
4.2.1__Optioned Mining Concession____________$5,220,000__15-Oct-16
5.1.1__1st Shares Subscription Agreement_______$3,500,000__15-Oct-16
5.1.2__2nd Shares Subscription Agreement______$5,220,000__15-Oct-16
5.1.3__3rd Shares Subscription Agreement_______$3,500,000__30-Nov-16__25.0%
5.1.4__4th Shares Subscription Agreement Part 1__$4,500,000__01-Apr-16__32.5%
5.1.4__4th Shares Subscription Agreement Part 2__$4,500,000__30-Jun-17__40.0%
5.1.5__5th Shares Subscription Agreement Part 1__$3,000,000__31-Dec-17__45.0%
5.1.5__5th Shares Subscription Agreement Part 2__$3,000,000__30-Aug-18 __50.0% Total... in theory
_________________________________________$32,440,000

To our chagrin and suppressed annoyance (as in our/we the mushroomed peasant Legacy LIEG shareholders) you Ozzies regularly boast that you own 50% of OUR Joint Venture today in order to puff yourselves up and appear as the BMOC while pumping the odious idea on Hotcopper that you should/could buy us (BRZ/BRGRF) out with just a magical click of your now-we-know phony Midas-Touch fingers click here or click here or click here for examples... buuuuutttttt as we all know, that is not true. You BMOC guys only own 36.2% of the JV currently as you still haven't paid the last $7,500,000 which effectively leaves a nice plump sexy 13.8% share of the JV still in the hands of MLI as stipulated in paragraph 6.1.6 of the Investment Agreement on page 19 click here for Investment Agreement. As a refresher let me remind the reader that MLI is the old MSB plus LIEG (now called BRZ/BRGRF). And this looks to little ole' me like a Chilean contract administered by the Chilean courts... in of all places, Chile.

And so... hence... the reason I am now currently advocating/proposing that we mechanically sell that juicy still-outstanding 13.8% share of the JV to Fulin (who pays their bills on time and sometimes happily ahead of their due date) right off the bat to get them into the JV as our 4th JV partner for a cool $25M-ish Click here for reference and then click here for suggested possible Scenario #2.

If I were King of the Maricunga NewCo JV I would invoke a Call Option as described in Article IIV on page 27 of the prime contract click here for prime contract and then move to have you Ozzies sell a 18.5% share of the JV to Fulin (or similar 4th JV partner) at a fair price with a nice profit. As King I would then place a motion on the table to see MSB sell a 14.6% share in the JV to the same China man at a profit. Voila, Fulin (or similar 4th JV partner) then has a nice respectable cumulative 46.9% ownership in the JV and is solely responsible for the project's financing which you Ozzies were never going to accomplish (or even halfway schmooze into reality) in a million years. You guys know no one (with big money) of any consequence other than those free-loading el cheapo rummies you flew into Chile on the last junket.

And, as long as we're getting everything off our chests... let us continue.
We were supposed to see the first awakening of lithium production (at least from the no-brainer grandfathered tenements already sanctioned for real live mining) by you Ozzies in March 2109... that milestone got pushed back to June 2021 which is breaking our mushroom peasant Legacy LIEG shareholder-hearts in great disappointment (as compounded by the our retching PPS drop of late since you made this announcement) .

If the Chinese say they will "jump to it and get bizzy immediately" by simply using the already-proven POSCO lithium processing equipment and quit all this stupid futzing around with the Italians for 2 more years with their alternative lithium concentrator fancy gizmo in order to actually start production on time in December 2019... then I believe them (the Chinese) and I will support them.

If the Chinese say they are funding the CapEx (est $490M) and don't have to go on Roadshow Tours to Toronto, New York, Brisbane and now London crawling on their bellies begging for money from more whitey(s)... then I believe them and I will support them.

You Ozzies had your chance to take over the big show here... you are failing. It is time to get a 4th JV partner into the JV mix and Fulin looks as if they "like us" warts & all so I say let's sweeten things up to construct "a deal they can't refuse" and let's give them a chance. With Fulin we certainly can't do any worse now... geesh with you guys hanging around our neck like an albatross publicly begging every new-which-way for mo' money we're scrapping bottom now. It's all turned very disheartening for us especially when we look across the border and see all these Chinese lithium power-players throwing themselves (and their cash) at lithium juniors while we go nowhere simply treading water with you Ozzies.

The Doctor

PS, Mick_Z, now don't get all bent out shape and feeling completely dejected as we jointly face these cruel realities head-on today... if the REAL majority interest in the JV were to decide to sell to Fulin then you Ozzies would have still have a last-gasp minimum to maximum of 60 to 90 days to beat the Fulin deal with your own money... ha ha ha... riiiiiight.