For those following the bread crumbs (or bouncing ball) that is Amarant Mining, this final conclusion to the funding commitments in Mineral Invest by Amarant is a significant validation of Amarant's intentions and capability to fund their projects.
Much like Medinah's ADL sale to Amarant, the $15 million funding for Mineral Invest by Amarant has been expected (and delayed) for several weeks. Many shareholders in Mineral Invest became dismayed with Amarant's delays. Today Amarant made good on their deal and finally closed the transaction.
I believe this had to do with over $21 million in funds that were eventually freed up when Alluvia Mining jettisoned the XS Platinum project in Alaska 2 weeks ago. $21 million was earmarked specifically for XSP from the $50.5 million Amarant had raised in the initial 350 MSEK Swedish bond offering prior to Amarant raising the bond offering to 500 MSEK.
Is it merely a coincidence that $15 million just went to Mineral Invest? This leaves Amarant $6 million from the XSP transaction. As it just so happens, Amarant owes Medinah $5.4 million for the sale of collateral shares in Alluvia Mining. Is this also just a coincidence? That's anybody's guess; however, I'm saying it's not. I'm going on the record that it is my opinion that XSP was carved out of Alluvia Mining in order to free up $21 million for Amarant to fund both Mineral Invest and the initial commitment to ADL. Amarant just completed Part 1 of that redirection of funds to Mineral Invest. Part II will be redirecting the balance to Medinah to cover the initial collateral sale.
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