Ontvang nu dagelijks onze kooptips!

word abonnee
IEX 25 jaar desktop iconMarkt Monitor

Edelmetalen« Terug naar discussie overzicht

Erin Ventures - Boron property

116 Posts
Pagina: «« 1 2 3 4 5 6 | Laatste | Omlaag ↓
  1. [verwijderd] 5 december 2018 12:38
    Erin Ventures heeft een partnership gesloten met een nog onbekende grondstoffen / mijnbouw entiteit. Geen kleine jongens, naar het schijnt.

    De identiteit van deze 'Investco' is nog onbekend, omdat ze bezig zijn met een substantiële IPO van een groot mijnbouwbedrijf.

    Zoals de CEO van Erin Ventures het omschreef in een conference call:

    On June 18th we announced that we've entered into a strategic partnership option agreement with a London based commodity investment specialist firm that we've called for the purposes of this news release InvestCo and this is for the continuing development at Piskanja. InvestCo has the right to make equity investments in two tranches totalling a total of 20.135 million US dollars or about 26.8 million at today's exchange rate with all the proceeds to be used exclusively for the advancement of Piskanja towards production. The InvestCo, the reason why we used that term, as we said in the news release, the company InvestCo is currently engaged as an integral part of the initial public offering process, the IPO process of a substantial mining complex. When I say that they're an integral part of the IPO process, I mean that the management of InvestCo is also part of the management of this large mining complex and that InvestCo itself has a product marketing arrangement with this mining complex similar to what we've outlined in our agreement with InvestCo. They are an integral part of this very very large mining complex that's in the process of an initial public offering. Anybody that's gone through initial public offering process knows that it is very sensitive in nature and there is a point in the listing process and they're at the point right now where InvestCo is not able to divulge their involvement in any new projects or else risk that it's going to have a material impact and would require changing documentation that is a part of their IPO process with this other mining complex. So for this point in time and for the next short while, they're not able to divulge or we are not able to divulge publically who they are.
    Read more at www.stockhouse.com/companies/bullboar...

    ---
    Als de deal met Erin Ventures definitief wordt, wordt dat in principe - na een periode van 90 dagen - tussen nu en een week of twee bekend.

    De deal komt erop neer dat Erin Ventures 75% eigendom van Piskanja kwijtraakt, in ruil voor een investering van 25 miljoen dollar, én het gebruik kunnen maken van / deel worden van de (uitgebreide) contacten en het netwerk van Investco bij productie en verkoop van boron(-producten).

    Erin heeft (Bloomberg) momenteel na een eerdere reverse split 70 miljoen aandelen uitstaan. Huidige beurswaarde zo'n 10 - 15 miljoen ca$.

    Risk reward is daarmee aantrekkelijk.
  2. [verwijderd] 5 december 2018 12:47
    Conference Call is now available on Erin Ventures' website

    www.erinventures.com/media/conf_call_...

    The following is a transcript of the conference call from 6:24 to 32:10. I stopped transcribing at this point because my fingers and brain were getting tired. I hope this helps those who are having a difficult time remembering the pertinent details from the conference call.

    From the Q&A section that I did NOT transcribe, Pobrdje is NOT a part of this deal and any additional funding required by Balkan Gold will be shared by both Erin Ventures and InvestCo in accordance with whatever equity ownership percentage is in place when funding is required.

    I have received many inbox messages with various "guesses" as to the possible identity of InvestCo. Please refer to the relevant section below (highlighted in yellow) for Tim Daniel's description of InvestCo and their CEO during the conference call. There are enough details about InvestCo to help you to determine if your guess is correct.

    ***** Start of Transcript *****

    6:24 Exploration of Piskanja
    First I wanted to talk about the exploration program that we recently finished. On May 23rd we announced that we had completed this spring's exploration program on Piskanja, very importantly the completion of this work program ensured that we compliant with our obligations required to keep our exploration license in good standing and extend it until the middle of 2020. The rules in Serbia and in several other countries but in Serbia specifically are Serbia are very clear that we must fulfill certain work obligations on the ground and failure to do so can result in us losing our exploration license. So don't underestimate the importance of keeping the project moving forward and specifically in this case the importance of finishing the work that we did.

    The work program consisted of 10 vertical HQ sized diamond drill holes that totalled about 3,084 meters of drilling in total. It was completed on time and on budget.

    We're starting to get the assays back now and we are very pleased with what we see. We will be releasing the detailed assays shortly as we get enough of them in to make it worthwhile to do a news release.

    I can tell you that the results that we're seeing continue to return high grate borites over large intercepts that are well within the bounds of commercial parameters for a deposit like this.

    We're very pleased with what we're seeing and most importantly as this was an infill drilling program meaning we were filling in the spaces between other drill holes that were done on either a 50 x 50 meter grid or 100 x 100 meter grid.

    The results are continuing to confirm the continuity of the borite beds between these old drill holes.

    That's important because it allows for the eventual upgrade of more of our deposit into the measured category so that's an important development.

    The next planned work phase going forward is that which was described in our partnership news release which I will talk about next.

    It includes the completion of the work required to advance Piskanja all the way to a Feasibility Study stage of development including mine licensing.

    This next work phase will take somewhere between 12 to 18 months... 12 if everything went perfectly... worst case we believe it would be about 18 months work on the ground running hard and the cost is anticipated to come in, in and around the 5 million mark, probably 4½ to 5 million that's US dollars to do this work.

    There is a fair bit of work and fairly pricey work required to get us through to the next meaningful milestone which is Feasibility Study and going through the mine licensing process.

    That's all I want to say at this point with respect to the exploration update but as I said most importantly we did the work that we needed to do to keep our license in good standing and extend it over the next couple of year period.

    10:10 InvestCo agreement
    The next thing that I want to focus on, the reason for the call, is the strategic partnership option news.

    On June 18th we announced that we've entered into a strategic partnership option agreement with a London based commodity investment specialist firm that we've called for the purposes of this news release InvestCo and this is for the continuing development at Piskanja. InvestCo has the right to make equity investments in two tranches totalling a total of 20.135 million US dollars or about 26.8 million at today's exchange rate with all the proceeds to be used exclusively for the advancement of Piskanja towards production. The InvestCo, the reason why we used that term, as we said in the news release, the company InvestCo is currently engaged as an integral part of the initial public offering process, the IPO process of a substantial mining complex. When I say that they're an integral part of the IPO process, I mean that the management of InvestCo is also part of the management of this large mining complex and that InvestCo itself has a product marketing arrangement with this mining complex similar to what we've outlined in our agreement with InvestCo. They are an integral part of this very very large mining complex that's in the process of an initial public offering. Anybody that's gone through initial public offering process knows that it is very sensitive in nature and there is a point in the listing process and they're at the point right now where InvestCo is not able to divulge their involvement in any new projects or else risk that it's going to have a material impact and would require changing documentation that is a part of their IPO process with this other mining complex. So for this point in time and for the next short while, they're not able to divulge or we are not able to divulge publically who they are. Their identity though, this is important to note, their identity will be released either by news release from us when InvestCo tells us that they're no longer in the in the IPO process and therefore keeping their name confidential is no longer required, number one, or two, in any event once we're at the point of preparing an information circular for the shareholders, for you shareholders to give approval, if as and when InvestCo notifies us of their intention to excercise option one in the agreement there will be full disclosure of their name and operations and so on and so forth.
  3. [verwijderd] 5 december 2018 12:48
    So one way or the other before the Erin shareholders are asked to vote on the transaction involving InvestCo you will know who InvestCo is and I just wanted to make that very clear. Also I think it's important to note that at this point in time the TSX Venture exchange is aware of who InvestCo is and they are aware as to the circumstances why they can't be why their name can't be divulged at this point in time and the TSX Venture is OK with that fact and they have approved that we announced it in this fashion at this point in time.

    The agreement between us and InvestCo has 3 principal elements, first is that InvestCo is granted the first option to invest 5.135 million to aquire either an equity position in Erin directly, common shares of Erin, or an equity interest in Balkan Gold, Balkan Gold of course is our wholly owned subsidiary that has all the rights to the Piskanja boron project. This is an option at InvestCo's choosing to invest, either or. In either case, the proceeds from this initial tranche of 5.135 million are to be used exclusively to fund a pre agreed upon work program at Piskanja that's desinged to advance the project through to Feasibility including all the permitting activities to obtain a mining license, exploitation license from the Serbian government. The second commercial element in the agreement is subject to completion of option one or tranche one. InvestCo will be granted a 2nd option to acquire 15 US million dollars worth of equity of Balkan Gold, Balkan Gold only, not an either or on the second option.

    The proceeds from the exercise of Option 2 are to be used exclusively to fund future Piskanja mine design, development and construction costs at Piskanja.

    The 3rd commercial element is that, again subject to completion of the first tranche, InvestCo in its capacity as an experienced global commodity, marketing and trading company will provide its marketing and advisory expertise to us, to Balkan Gold and Erin for the future sale of all borite products from Piskanja for the initial 3 year period.

    Now I'll provide a little more detail but I do encourage you all to read the entire news release for more complete information if you haven't already done so. So first of all, as I said, InvestCo will be granted option one and that exercise period commences now and expires 90 days from the point in time that we an extension on our Piskanja license and that's due for renewal by July 11th of this year so InvestCo will be in a position to, or must be in a position to make their initial tranche investment over the course of the next few months. The option one grants InvestCo the right for this 5.135 million to purchase either 51% of the share capital of Balkan Gold or alternatively the 5.135 million US worth of shares in Erin and the number of shares would be, will be dictated by the pricing of Erin and it's based on a formula where they're allowed a discount permissible under TSX policy with a price being fixed at the higher of either the volume weighted 20 trading day average price or the closing price that notice is given but highly likely the investment is going ti be made directly into Balkan Gold.

    Upon exercise of option one, InvestCo, as I said, becomes the marketer of all the products produced from Piskanja for 3 years and for that they'll be paid a 1% marketing fee, 1% of the invoice amount and subject to completion of option one, they will then be granted option two, and they basically have 3 months within the time that we receive our mining license in which to excercise option two. And the option two gives them the right to purchase an additional 24% stake in Balkan Gold for 15 million so the entire agreement would allow them to purchase up to obstensively 75% of the deal for a total of 20 million 135. And of course the agreement is subject to TSX Venture approval and your approval, our approval as shareholders.

    19:20 More information on InvestCo
    A little more information on InvestCo itself, at least to the extent that I can. Again I can't tell you specifically their name but as I said this will happen at least by the point in time that the information circular is released in order for all of us shareholders to vote on the transaction. But I can at this point give you a, you know a fair bit of descriptive information about InvestCo, some of it was in the news release already and some of this will be new.

    InvestCo is a global trading and investment specialist. It was established in 2009 by the senior management team from one of the world's largest energy commodity trading companies. It's headquartered in Europe and it manages the sourcing and sales of commodities along with the associated physical logistics as well as hedging of underlying price exposure for their clients. They're both involved in the financial commodity markets as well as the physical commodity markets and through their industry relationships they have developed trade finance structures that are very conducive to help develop mining assets. They make equity investments in mining projects such as ours and both mining projects and the logistics of mining projects. They utilize their commodity networks and experience in doing so... importantly for us they're willing to invest capital at an early stage, at an earlier stage anyway than a lot of investors are and they work with management by providing the marketing and hedging and structuring expertise. They have acted as a marketing agent and advisor for a variety of mining companies, investment funds, commodity funds, etc. over many many years. They also have an extensive debt and equity network that help bring mining projects like ours into production. They've worked with a number of alternative funding partners such as sovereign wealth funds, hedge funds, etc. so they look for alternative to traditional capital markets methodology of raising funds which rely on things like private placements, brokers, underwriting of IPO, etc. They have expertise in trading several different commodities including energy commodities, fertilizers and various metals. They also have expertise in structuring offtake and supply agreements which is very important for us as well as trade finance, commodity prepayments and multi commodity transactions so they're really a full service commodity trading house.

    A little bit about their Chief Executive Officer. He has many many years experience in mining, in trading and structured commodity transactions. He's built and run several highly successful commercial trading businesses in several different commodity areas. He's also run the merger and acquisition activities in several commodity related sectors. He was an integral part of the management team of one of world's largest energy commodity trading companies. He co-founded and managed the international operations of what became one of the largest physical commodity traders across Europe and Asia. He led the acquisition and operation and the eventual sale of a major energy company to an investment bank and he did that just prior to establishing InvestCo. He's got his MBA and PHD in business and is a very very highly qualified indidual to be sure and they're willing to lend all that expertise over to us. So they bring a lot to the table just besides money. Money of course is important but they bring a lot to the table besides money.
  4. [verwijderd] 5 december 2018 12:48
    Which leads to my next point, why InvestCo is a good strategic partner for Erin. InvestCo brings more value to the table than simiply money as I just said which must also be considered and factored when assessing this transaction. Given that we have limited internal knowledge of offtake agreements, commodity hedging, trade finance, trade logistics and a miriad of other skillsets that InvestCo brings. We find them to be very synergistic and suitable business partner for us going ahead. In other words, they have expertise in several important areas that we don't have and vice versa so we make a very strong team collectively.

    Specifically, they're long term oriented. They're looking to stay invested in Piskanja until Piskanja is a going concern mining operation. They're willing to invest at an early stage of development, meaning now, where we're several years away from production. They have extensive knowledge and experience in marketing of specialty materials such as boron... important again they have a willingness to match their funding amounts and the timing of those funding amounts with our specific needs rather than just trying to push onto us amounts and timing that fit within their comfort zone. They have access to large pools of debt and equity funding outside of their own capital. They have experience that will be good for us and are not deterred by the steep learning curve and lack of transparency and the obvious oligopoly problems that come along with the boron market.

    So we believe that these additional contributions and characteristics of InvestCo add significant value to the agreement over and above just their dollars and they add value to Erin's future market cap and help to offset the cost of capital of getting them involved in this transaction. So that's a little bit more about InvestCo as much as I'm able to say at this point in time given the circumstances surrounding their involvement with an IPO at this time.

    26:33 Analysis of the deal
    So we did an internal analysis of this strategic agreement as management, in other words, why we as management believe that it's in the collective best interest to approve this transaction. We wanted to see for ourselves if it makes sense and what alternative if any are there to this specific path moving forward.

    So first of all, we commissioned a fairness opinion which was authored by an independent qualified person with respect to the proposed transaction between Erin and InvestCo. This is an essential evaluation tool which has aided our board of directors in determining the fairness of the negotiated terms with InvestCo. The fairness opinion's author is certainly well qualified to evaluate the proposed transaction with InvestCo in terms of both his academic qualifications and his professional experience. He holds an MBA degree and he's a chartered financial analyst in Canada. He has memberships in the Canadian Institute of Mining, Metallurgy and Petroleum along with several other professional organizations that he is a member of. His client engagement list in the area of mining is beyond reproach. He's been preparing fairness opinions for many many years for many transactions that are much larger and much more complex than the one we are contemplating with InvestCo so he is certainly more than qualified to give a fairness opinion. The conclusion of his 20+ page report is that the proposed financing agreement between InvestCo and Erin is fair from a financial point of view to both Erin and its shareholders on the whole and to the minority shareholders of Erin specifically. So his bottom line is that it is a fair transaction. Besides commissioning an outside report, we as management conducted our own review and put together our own report with respect to the transaction and looked at various elements and tried to view the transaction globally and not just within a vaccuum. In other words, you can't just look at the specific terms of the InvestCo deal in and of itself, you have to look at all other surrounding factors to put those variables into perspective. So several things that we considered when we were looking at doing this internal review including the state of the global mining community, that of the Canadian junior public markets currently, the continued relative slump in commodity prices worldwide with the exception of a few choice metals and minerals that pop their heads up once in a while. The relatively early stage development of our Piskanja project. The fact that our deposit that our deposit contains a highly specialized industrial mineral in a small and secretive market with limited access to market data and other factors that are really important when assessing the fairness of this offer. We have to understand that attracting capital in these circumstances is more challenging and costly than what we might expect given more favourable circumstances with some of these variables and parameters. We did look at a number of parameters individually and come to various conclusions.

    The first one we looked at which is very very important is the time constraints regarding our license. Don't underestimate the importance of this. According to the Serbian mining law, projects must continue to be advanced based on specific development milestones within a finite period of time and if we fail to complete the obligated milestones on time, the results can be, will be forfeiture of the exploration license. In our specific case, we now have a window of about 24 months from the point in time that we get our license renewed which as I mentioned earlier is expected by about mid July. Don't be alarmed if it takes longer than that. Our experience with the Serbian goverment is that in most cases it can take one to three or more months longer to get the license back from the government than what we expect it to. We expect it by mid July but it could take longer than that.

    ***** End of Transcript *****

    Erin Ventures will own 49% of Balkan Gold for the next 2 years. Calculate your price per share using this scenario and not the 25% scenario because most of us will probably not be here when Option 2 is exercised by InvestCo.

    Good luck to all who are buying at the current level. It's not often that you know with relative certainty that you are buying at or very near the bottom.

    Read more at www.stockhouse.com/companies/bullboar...
  5. smith&jones 16 maart 2019 14:00
    Erin Ventures Releases Amended Resource Estimate Report for Its Serbian Boron Project $ERVFF
    seekingalpha.com/pr/17430704

    Ik zie de businesscase nog niet zo: volgens deze resource update gaat het om 3,4 megaton @12% = plm 400.000 ton Boron.
    Dat doet plm $700 per ton, = is iets van 300 miljoen totale omzet. Investeren in mijninstallaties, lopende kosten, hm.

    S&J
  6. [verwijderd] 18 maart 2019 14:03
    Er is volgens de PEA grosso modo genoeg voor dik 20 jaar productie, bij zo'n 200.000 ton per jaar.
    Een en ander hangt samen met definitieve productie, wel of geen boric acid productie erbij, en uiteraard of toekomstig drillen tot bijkomend tonnage leidt.

    De marge is interessant - ik meen dat de pea productiekosten van $100 per ton noemt - in zoverre dat de IRR (internal rate of return / maatstaf voor rendement van een investering) met 66% (of daaromtrent) uitzonderlijk goed is.

    De kosten voor een boronmijn zijn een stuk gunstiger dan voor een goudmijn - capex valt ook mee.

    De CEO heeft al meermaals aangegeven dat ze na de Investco-deal en in productie, zo'n 16 miljoen revenue per jaar tegemoet kunnen zien.

    Met deze koers (hahaha, dat riep ik rond 2011 en 2015 ook al) een prachtige risk / reward balans.
  7. [verwijderd] 26 maart 2019 15:32
    Die 12% is de cut off grade. Het percentage boron ligt rond de 31%.

    Hoe zet het precies berekenen, heb ik niet scherp - het ligt net wat anders dan percentage x tonnage. Het gaat bijvoorbeeld ook om de uiteindelijke zuiverheid qua percentage dat wordt verkocht. (Lager dan 31%, geeft effectief ook een hoger tonnage.)
    Daarbij was in de PEA niet zozeer het percentage leidend, maar de dikte van de ader. Smaller dan 1,2 meter wordt als niet-economisch beschouwd.

    Enfin, PEA gaat uit van 21 jaar productie, 480 miljoen npv, bij een conservatieve discount.

    Eind maart is 'deadline' voor bekendmaken partner(s).
    Een last minute PP, waarvan de opbrengst bestemd zou zijn voor kosten ivm afsluiten partnerschap, was in één weekend gevuld, en overschreven.

    Gaan we het meemaken?
    Huidige market cap is nog ruim onder de 10 mln us$
    After tax NPV obv 25% eigendom voor Erin Ventures is zo'n 107 mln us$.
  8. smith&jones 15 april 2019 09:04
    Er blijft een zeer rare geur hangen rond dit aandeel. De fundamentals kloppen voor mijn gevoel voor geen meter (75% uit handen geven voor een luizige $26 M , als dat geld al ooit op tafel zou komen, en dit soort bizarrre formuleringen met een hoog Antonov-gehalte helpen ook niet bepaald)

    Het begint steeds meer als een uitgekiende pump 'n dump actie te klinken na tien, twaalf jaar lang aanmodderen zonder ergens te komen.

    Het heeft er nu voor mij toch wel alle schijn van dat de Mineral Mining hoax in 2011 mede uit hun eigen koker kwam en dat men nu weer een soort heist op de beurs aan het voorbereiden is. Dit keer heel zorgvuldig in elkaar geschroefd & in het volle zicht van de toezichthouder.

    Het is niet voor niets dat ze steeds maar geen namen noemen.
    als er ook maar 1 persoon uit de Mineral Mining club bij betrokken is zou ik heel hard wegrennen.

    Oppassen geblazen, en in ieder geval niet kopen na eventuele eerste grote stijgingen.

    S&J.
  9. smith&jones 15 april 2019 09:43
    Google voor de gein eens de volgende termen:

    m8m mineral mining company erin ventures

    Je vindt NIETS meer, uitsluitend een link naar een post van mij op IEX...

    alles in rook opgegaan en zelfs online weggepoetst voor zover mogelijk. Ook de links van News Wire werken uiteraard niet meer.

    Alsof dat hele M8M nooit heeft bestaan. Toch hadden ze op een gegeven moment een MC van 300 miljoen. Dat geld is nu gezellig op de Bahama's geparkeerd zou ik zeggen.

    S&J.
116 Posts
Pagina: «« 1 2 3 4 5 6 | Laatste |Omhoog ↑

Meedoen aan de discussie?

Word nu gratis lid of log in met je emailadres en wachtwoord.