Re: NSL - NSL Health
Drabula,
You are seriously in fantasy land....do you how much is costs to do the exporation drilling? 400k isn't going to cover it and besides the directors have to eat....You should be asking how much of that $11 million that supposedly is being raised by Aust Ind has actually been banked.
Guys can you get back to reality and start asking some serious questions to the directors..
Patience is needed here. As we found out in today's announcement there is a JV committee meeting later this month.
What we know from my previous posts ...
We know from a previous announcement dated 29/2/08, the JV committee meeting will be convened to determine the quantum of funds to be expended and the program undertaken.
Plus we know that the AIO Chairman Justin James is an Indian Business entrepreneur for 25 years with established credentials for resources project acquisition and management in India.
We also know ... Austind has had discussions to raise up to $11 million to fund the land acquisition strategy, mining permit applications, joint venture expenditure and general working capital.
Austind has also negotiated “Non Objection Certificates” from the owners of the land to which the mining permit relates. This process should ensure that the mining permit application will be processed without challenge from the local land owners. In addition, Austind has negotiated to purchase circa up to 1000 acres of the freehold land from the land owners covering the Project area. The estimated total acquisition cost is expected to be approximately $10 million and will be funded from Austind’s current equity raising.
The joint venture agreement between NSL and Austind provided that the parties must agree on the land acquisition strategy and various other matters on or prior to 31 January 2008 as conditions precedent to formation of the joint venture. The parties extended this date to 29 February 2008 to allow Austind sufficient time to make the mining permit application and deliver to NSL a legal opinion on the land acquisition strategy.
Furthermore, NSL director Mr Peter Wall appears to have the right credentials with the JV agreement process :
Mr Peter Wall - CHAIRMAN, DIRECTOR
Mr Wall graduated from the University of Western Australia with a Bachelor of
Laws and Bachelor of Commerce. He has also completed a Masters of Applied
Finance and Investment.
Following graduation from UWA, Mr Wall commenced employment at a large
Perth based law firm and later joined Steinepreis Paganin in January 2000.
Mr Wall was appointed a Partner at Steinepreis Paganin on 1 July 2005.
Mr Wall has advised on numerous IPOs and has a wide range of experience in allforms of mergers and acquisitions (including takeovers and schemes of arrangement).
Mr Wall’s other areas of practice include reconstructions, energy and resources, telecommunications, capital markets, corporate and strategic advice, securities law, commercial law and contract law.
Mr Wall has significant experience in successful recapitalisations, including in
recent times: Digital and Voice Media Limited, Environmental Solutions
International Limited, G Retail Limited, Knights Insolvency Administration Limited, Transerv Australia Limited and Centralian Minerals Limited.
DYOR ...