The share price is now starting to move towards its real value which is around the value of PSC's 70% in Arcadia. Someone said,25c?
Sinomine has ambitions to be a leading battery manufacturer and it needs Arcadia to play a major role in the supply chain(battery grade Li). The extraordinary mtg. scheduled for 29 March should approve the $10m placement to Sinomine, IMO. After this placement, Sinomine should have 11.14% of PSC and can place a director on the board(greater than 10%). It will have to purchase on market to get to 51%. (After 20%, won't this trigger a t/o?) and somehow obtain an option for 100% of Arcadia(??) in the process.
From announcement granting the extension to 31 March:
The directors also noted that Sinomine appears to be quickly executing its strategy as evidenced by its conditional agreement (in conjunction with Shenzhen Oriental Fortune Capital Co., Ltd) to purchase the DRC operations of Tiger Resources Ltd (principally cobalt assets, see Tiger Resources announcement dated 22 January 2018) for some US$260m.
The directors are pleased to advise that Sinomine is continuing to implement its strategy and that it has announced that it has agreed to purchase Jiangxi Dongpeng New Materials Co., Ltd (Dongpeng) for some 1.8 billion Yuan (approximately US$280m) to be settled in shares and cash. We are advised that, Dongpeng is one of the main suppliers of lithium fluoride which is a key raw material of lithium-ion electrolyte in China, as well as the largest manufacturer and supplier of caesium salt and rubidium salt in China. Dongpeng's main products are: battery grade lithium fluoride, lithium hydroxide, caesium carbonate, caesium sulphate, rubidium carbonate, rubidium nitrate and other lithium, rubidium, caesium products. Dongpeng's products are supplied to both domestic and foreign customers, including customers in the United States, Europe, Japan and South Korea.
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