Tim Thanks for posting
I will take clarify point by point.
That said...I still stand by the point I was making. Yes...I know we have come a long way. I know the markets suck. Yet at the same time...having cash does not make a strong junior.
Cash is King. Ask any business. Junior or major. Try raising finance in this climate, near impossible. Without cash you are dead and buried. look at our neighbours Lion. Taken out for peanuts cos they had no cash left. Sad state of affairs.
Some talk about 12 to 18 months.....well I assure you. If we don't get off the pot and sign a JV in the next 6 months....we will be issuing more shares while in a weakened position of a sub 0.36 cent junior.
I assure you we will have a JV by then. In fact a lot sooner. We may even be taken out you never know.
Yes...Simba is in a great position right now. But that does not mean we can celebrate....does not mean we have a sure thing. In fact...IMO...until we get JV for Kenya...we are no more than an extremely speculative junior with 300 million shares outstanding....and only enough cash to last 8 to 12 months before we will have to do another PP.
8 -12 month is a long time. Most junior oil explorers are speculative. Its not how small you are its what you have that matters. We have class acerage to prospect for oil. Let me know another junior like Simba who has oil seeping from 3of its 5 properties and i will invest. Affrica is the last frontier for major oil supplies.
And another PP will not be priced favorable if there is doubt out there. And if there is only talk about a JV partner.....and talk about Liberia.....and money being spent on seismic....well then I just don't see why anyone would be that thrilled with this investment when we know to expect another 50 or 60 million shares coming on with another PP priced at 0.08 or 0.12 cents a share.
This is why management is working towards a JV. There will not be a need for a PP if we get a cash injection and no further dilution.
It would also be nice to hear from Mark at some point about the Poison Pill question...although I am pretty sure about the answer to that question.
I guess you are talking about lLiberia. NOCAL has restructured and August is the month they hope to complete reforms and introduce new petroleum laws. lets hope Simba gets its long awaited PSC. This is not Simbas fault but Liberias infancy in the oil and gas business.
As far as frustration....well I think we are all entitled to having some frustration. We have all been towing the line for quite a while. We were quiet when the warrants were repriced in order to satisfy Pinetree and Sheldon.....simply because we all accepted that we needed him.
Well....it's kind of hard to not feel a bit frustrated considering what recently transpired. He got a pass....they all got a pass....and they tanked the share price because quite honestly....they were the ones who did not have as much confidence as we have had.
Confidence is 1 thing desperate is another. Sheldon held 10-15 million shares plus warrants and picked up more on the last placing. 100% profit selling at 16 cents is a tidy 100% plus free warrants. Have you seen Pintrees portfolio? Simba is one of a very few they made money on. Profit is profit. If they need the money to go on to another finacing so be it. Its the business they are in. I said this before Pinetree can be your best friend and your worst enemy. Simba cannot control that.
ATB
BR