Good morning All!A landmark deal has been signed by Barisan this morning. We’ve locked up one of the strongest most influential Indonesian conglomerates to help us develop our world-class copper-gold projects in Indonesia.The Indonesian conglomerate has agreed to spend 100% of all money required between now and the issuance of mining licenses (we currently have exploration licenses). This includes exploration, feasibility studies, permitting, etc… Based on our internal calculations that amount is estimated at upwards of US$25 million over the next 3 years. In exchange, they get 80% of the project area (Barisan will maintain 20%, fully carried interest).What does this mean?1) ZERO Permitting risk. These guys know what they are doing in country2) ZERO Political risk. Our partner is one phone call away from the Indonesian President and his people.3) ZERO Financing risk. Fully financed by the partner.We’re going from owning 80% of a spectacular project that was deemed impossible to finance in the current market environment to owning 20% of a fully-financed without political risk world class project.More importantly, the value accretion to Barisan shareholders is breathtaking. The number of shares that would have been needed to be issued to self-fund that US$25 million would have been astronomical. And on top of that we would have needed to carry the potential political/permitting risk which is now a non issue. Spectacular outcome for all of us shareholders (of which I am the second biggest)!As per the press release, we’ll be raising a small $500,000 to bridge the gap before the transaction closes as required by the terms of the transaction. This is most likely the last private placement of Barisan Gold for the next 3+ years as the projects are now fully funded. I expect the private placement to close within a few days. We’ll make sure all our loyal historical friends get any allocation they want but please reach out to Shawn, Michael or I quickly as this will close in quick order.Barisan is about to become a sought after commodity. Who wouldn’t want to own 20% fully-funded interests in world-class copper-gold assets that are hugely economical at even the current commodity prices.As always, I am available to chat anytime for anyone looking for more colour.RegardsAlex GrangerChief Executive OfficerHong Kong Cell: +852 6070 6211Barisan Gold Corp.
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This is a copy of the mail that Alex Granger, CEO and main bovine excrement distributor at Barisan Gold (BG.v), sent out to a whole bunch of market commentarists, mining parasites, Venture exchange carrion eaters and junior sector hangers-on in a mail this morning that was designed to supplement this NR from the company before the open today.
And it looks as though the pump job has worked, for today at least, because the wretched thing is up 100% on 2m share volume. But my stars, what kind of BS is this? Just to start at the most brazen moronity, how anyone can write "ZERO political risk" for any project in Indonesia is beyond my ken. I mean, shouldn't the BCSC be looking at this sort of guff and nonsense from a company freakin' CEO more than trying to cross Ts and dot Is in public NRs? It's utterly shameless.
As one very experienced market pal said, after guffawing loudly at many part of the mail's contents, "Honestly, for anyone who likes this deal there are a couple of Nigerian entrepreneurs who are looking for some backing to get some millions out of a sealed bank account".
Avoid Barisan (BG.v) like the veritable plague, kind IKN reader.