OTCPK:NORZF - Post by User
Post by
bilarooon Dec 21, 2021 11:06am
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Post# 34250493
This really smells
This really smells So on Dec. 13 they announce the financing for ostensibly starting the phase 1 winter road, although they are careful to add that some of this money is earmarked for general corporate purposes.
No timeline on when construction will begin.
Exactly one week later on Dec. 20 they announce that surprise, surprise, the regulators didn't have time to evaluate and consult with each other on the companies management plans.
You can't tell me they didn't know. This stinks to high heaven.
I wouldn't be surprised if they wrote both press releases at the same time.
If they were serious about getting things done they would have had all the equipment and manpower sitting on go at the banks of the Liard River now frozen and ready to support heavy equipment crossing the ice bridge.
The regulators would of course have given them the green light for all of this.
RCF has members on the board and owns half the shares so you can't tell me they didn't know either.
So to my way of thinking this financing of $3.3 million was to keep the lights on for another year.
That it was for building the winter trail well, that was just a smoke screen.
I'm not surprised it's delayed. I would have been pleasantly surprised if they actually did something. If they actually put a shovel in the ground.
Im surprised at how creative they got at trying to shift the blame. They must have known.
I do agree with previous poster on his pipeline analogy however. That is exactly right.
And I agree with the company on the lack of clarity and transparency regarding the regulators.
They put out guidelines instead of clearly defined requirements and then say to the company, well nice try, but sorry that's not good enough, try again.
It's the reason why investment capital is leaving Canada in droves. Over regulation.
Pipeline companies have invested billions over decades to satisfy regulators, only to be told, sorry, not good enough, please try again.
They finally give up and cancel.
It's disgusting.
That's my rant for the day.