First Tidal Acquisition Corp T.AAA

AGM Summary

[skip_rick]

OK gang - here's my interpretation of today's AGM (eoe) -

> Solution mining is the choice, using solar evaporation ponds (6 planned for testing soon);
> Plan is to develop (tailor-made for AAA) the Port in Djibouti (70% completed now);
> Plan to buy 50-60 trucks (CAPEX) & transport potash product to Djibouti (500 km to port from property);
> Eventually get out of the transport business & outsource the trucks to Ethiopian businesses;
> The risk for outsourcing is a guarantee to ship 1mm tpy, else Allana pays the difference in costs (or penalty);
> Truck outsourcing could save $40mm;
> Plan for the property is have 6 evaporation ponds in the center, equipment, etc in the west;
> Farhad is in dicussions with many institutions;
> Major point is, given the plan for production, is focus on debt financing 1st - makes it easier for equity financing later to fulfil CAPEX, using NON-commercial European entities;
> BNP Paribas main role is search/develop a financing syndicate - plan is 60% debt for CAPEX;
> Discussions held with UK & Swiss private equity funds - have a good apetite;
> CAPEX spening to approximate $20-30mm be end of 2012 (feasibility);
> Plenty of water for solution mining - setting up evaporation ponds (6) for testing;
> Off-take agreement - a large Indian co (& Chinese) interested but a solid understanding of of the lending arrangements is necessary before commitment;
> BHP has committed $50mm towards their own drilling program;
> BHP requires assurance the Dallol basin contains at least 5mm tpy of product before attempt to consolidate the Dallol area (South Boulder et al) - BHP has 17m sq km of property under lease;
> BHP will build own railway if property proves feasible;
> Environmentally & politically, Allana is spending to assist local schools with PC's & other educational aspects - Mark Stauffer visited the Ethiopian govt. last week to discuss technology aspects & how to help them. Huige demand for Ethiopians to work for Allana;
> Trading in the past month is a result of program trading - Farhad discussing those issues with various houses (CIBC, in particular) - CIBC analyst is onside with Allana.

I apologize if some interpretation is incorrect but I'm not really a note-take - I prefer to observe the body language in the room - I'm very impressed with the team - Farhad, Peter McLeod, Mark Stauffer, & other directors.

btw - I believe there was about dozen or more SH posters in attendance.

Also, bottom line - just patience!!!!

Skipper