RE: RE: Chris Chadder - AIA Connection How can someone buy at 0.028? How is that possible?
After digging into this potential merger, I too am against it. NWM does not have the capital to even start the mill at Maverick. NWM debt will explode to up to $50M if this merger happens as you know one thing management are good at is dragging their feet and asking for expensive capital.
But realistically it's not happening for several reasons. I heard AIA shareholders filed a formal complaint about their CEO to regulators in each province the company is registered in, citing conflict of interest with Chris Chadder (CFO). AIA had plenty of coverage in major newspaper and other media outlets. I guess there was a big hype for opening up a new mine in the north. But I guess insufficient funds and lies to their shareholders dragged sp down. Second, shareholders will never approve an acquisition from a company worth 0.028? cents (2.2:1 premium is pathetic). NWM needs to be between 5-10 cents for some serious talks. Third, NWM's new operational team have a background in soft rock mining, primarily in latin america - definately not anything in northern climate. It's a very different scene and methodology. Fourth, We have seen zero financial statements for 2012, or any reasonable update on the costs of mining in January and February 2013.
I'm liking this buyback idea of NWM shares. Chris berlet knows the company deserves this. pulling $5M worth of shares out of the market will be very beneficial for shareholders. We don't need to add more headaches to the company. Keep focussing on lluvia- things are finally moving along.
I have been long on this for a while and considering out at a loss. sorry guys but I do think Berlet and rest of management should reconsider NWM as a whole. The time will eventually come to put up the For Sale sign. But I may not wait much longer..