AVZ Discussion 2022

[Rechnerhand]

This appeared over on HC. Does anyone have access? archive.is doesn't load it

AVZ, Locke in $23m funding row

AVZ Minerals is involved in another legal dispute relating to its Manono project, after a funder sued the West Perth company over a $US15 million agreement.

www.businessnews.com.au

Crapper -->

 

[BRICK]

aNN OUT

 

[Thaz]

Everyone wants a piece of the pie. Jesus Christ.

Now locke is after us.

 

[Woogr]

Not much pie at present!

 

[Azzler]

That is the briefest company announcement in the history of the universe.

 

[Thaz]

at least this will, hopefully, be a simple contract law case.

You would hopefully think that avz would've done due diligence before proceeding without locke

 

[Strongman]

Haha yaaawwwnnn....at least we dont have to speculate about that anymore and can get back to the real issues

Speaking of which i watched the whole Massad Boulos interview video that Outcast was referencing on X aka Marksman007 post this morning
The video is very good and worthwhile watching. Nowhere on the vid though did it state actual dates so Outcast must have got those from elsewhere ??
Re the DRC/M23 negotiations in Doha he did mention that as a possibility to be signed this week
Re the minerals deal he said it would be signed along side all other agreements at the forthcoming meeting in Washington with Trump, Kagame and Tshisekedi. He also mentioned when directly questioned about the minerals deal that multiple US and allied country companies were keen to invest in both DRC and Rawanda

 

[Rechnerhand]

Haha yaaawwwnnn....at least we dont have to speculate about that anymore and can get back to the real issues

Speaking of which i watched the whole Massad Boulos interview video that Outcast was referencing on X aka Marksman007 post this morning
The video is very good and worthwhile watching. Nowhere on the vid though did it state actual dates so Outcast must have got those from elsewhere ??
Re the DRC/M23 negotiations in Doha he did mention that as a possibility to be signed this week
Re the minerals deal he said it would be signed along side all other agreements at the forthcoming meeting in Washington with Trump, Kagame and Tshisekedi. He also mentioned when directly questioned about the minerals deal that multiple US and allied country companies were keen to invest in both DRC and Rawanda

... but I think he is mixing up 2 different meetings in the US in the next weeks while the one with Rwanda+DRC is set up for end of July and there will be another one next week -->President Trump to Host Five African Leaders for High-Level Trade Summit in Washington

 

[cruiser51]

Not much pie at present!

Maybe Locke knows something we don't know.

I have been surprised the time it took them to do their DD.

I wouldn't be surprised NF at the end was completely pissed off especially taking in account, the potential gain Locke could make.

My own feeling was, it would have been better to disclose the Locke negotiations after all signed and sealed and money in the bank.
I would not be surprised the moment it was known that Locke was negotiating with AVZ for legal funding, a smart looking guy with a short haircut and the customary brown bag was knocking on Locke's door, to make sure they understood an extensive dd process was very important.
Btw way here is a cut lunch so you have a bite to eat while you have fun with your dd.

Fuck Zijin.

 

[Hodlandwin69]

Am I missing something? Didn't we sign with locke then back out of the deal and go with Cath?

Thus I don't understand why we don't owe the $1mil BreakFree?

 

[Lucas Don Velor]

A litigation funding firm litigating? Meh!

Nigel should approach Locke Capital for the latest dispute resolution funding hahaha… Deadshits!!!

 

[Hodlandwin69]

Issue seems to be that AVZ announced that it had agreed to lockes terms, perhaps didn't formally agree to the actual arrangement though?
View attachment 88074
View attachment 88071
They're cut because their dodgy deal wasn't accepted and now trying it on in court. Got to be happy we didn't enter any agreement with those cun*ts!

Idk, that sounds like they agreed to it to me.

 

[Hodlandwin69]

Announcement says that they agreed "the terms and conditions" not agreed 'to' the terms and conditions.
Sounds like Locke is using the announcement to claim that they agreed to it.
My assumption based on the latest AVZ announcement is that we never actually signed on the dotted line.

They agreed to this "term sheet" in November 2023. And if AVZ breaks it they owe a $1mil break fee.

I'm happy to not pay it, just seems a bit suss from management.
But hey, may as well fight it and try get out of it.

 

[Samus]

They agreed to this "term sheet" I'm November 2023. And if AVZ breaks it they owe a $1mil break fee.

I'm happy to not pay it, just seems a bit suss from management.
But hey, may as well fight it and try get out of it.

Indeed it seems you are correct and I didn't dig back far enough.

Ah well what's one more legal battle

 

[FatCatz]

Since Locke are experts at litigation... they can take the $1m from the DRC that they owe shareholders.

 

[Xerof]

They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown

So no break fee, imo

And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable

AVZ free to deal with anyone else, which they did

Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious

 

[Retrobyte]

Did Ben Cohen fuck up again?

 

[Retrobyte]

It's all good, don't we have $40m Euros owed to us by the DRC?

 

[j.l]

It's all good, don't we have $40m Euros owed to us by the DRC?

But what chance of recouping any of that in the near term?

 

[j.l]

They didn’t terminate the Term Sheet, it progressed to a formal agreement, and then withdrew without drawdown

So no break fee, imo

And Locke didn’t meet the deadline for exclusivity whilst DD undertaken, despite 3 extensions, so no $200k payable

AVZ free to deal with anyone else, which they did

Our resident corporate bush lawyer may like to peer review my assertions - they could well be spurious


View attachment 88093

Interesting take.

I always read it as though we were up for max USD 200k to cover Locke costs regardless of what happened, plus the USD 1M break free for terminating.

I had assumed we paid all this out of the CATH money. Guess not!