Colossus Minerals Inc COLUF

Why Back Out of a Good Deal?

[wwadehammer]

All you can do is speculate based on what's known.  Arias has $65 million of skin in the game.  His offer was good for him so why back out.  You have to assume Arias looked at the prior drill results and had experts go over the drilling core protection procedures to assure himself that everything was on the up and up.  I assume he was up to date with the latest drilling results so he probably has a good idea of what the NI 43-101 will look like.  If it was bad, he would never have made the latest offer and would have bailed out long ago IMO.  Major bondholders might have already checked in and said no deal.  Why keep your offer on the table if no chance of approval.  Been some speculation that a better deal is in the works but that doesn't make sense with the issue of the NI 43-101 due within the next 10 days and approval of Arias deal not until after Jan 15.  Possible they could be in negotiations with someone else but why would Arias take his offer off the table until something is finalized?  Arias has a lot at stake.  If the NI 43-101 is great, then you would think Arias would protect his investment by bringing mine into production.  We're right back where we were Tuesday except we're three days closer to when the interest payment to bond holders is due.