Paul's responseI sent this email yesterday stating my displeasure --- I suppose we all know the score ---- and what i've been saying all along. Our market cap stinks. It is not in a place that allows for serious negotiations on an acquisition from WRN standpoint. We have a lack of others interested in the project --- i guess --- on what is driving the poor market cap. Rio has some reservations until they get clarity on port and power grid (which is totally stupid since that wasn't even part of the original scope). Anywya, not sure if this helps any others or not...i will continue to hold and hope the next 18 months we get conclusion, we get news on BC grid and port clarity, and that we get better metals prices leading to increase market cap and to a point of an offer!
Hi Sandy, Paul
Further dilution and at a price below yesterday's closing?
Not impressive to be honest and not something I suspect investors were hoping for. Looks like I need to really determine if I want to stay invested in WRN or start selling off all my shares slowly. This is extremely hard to understand the continued dilution and more cash in bank. We’ve been repeatedly told we have enough cash to get thru permitting.
It’s been almost 3 years since Dale predicted a much quicker DD completion by Rio, etc…and here we are…now another 18 months. Since Rio first started review…it will be nearly 5 years??
Extremely frustrating and really lacking confidence in management at this point.
Here's Paul's response:
What’s important to note with today’s announcement is the new the scope of work. The new scope of work will focus on developing a green energy solution (already underway with the Yukon – BC connection), securing port access (also already underway), and identifying permitting optimizations. Also, Rio has committed to assisting in all of this work, so moving to a more collaborative relationship, which should benefit everyone.
In our discussions with Rio, we were very clear that we didn’t want to keep renewing this 18 months at a time, and they assured us that what they are looking for is progress on green power and port, which I think is quite achievable in the next 18 months. This 18 month period also gives us more time to get a competitive bid, which I think would be required to get a good price – particularly in this copper environment.
Always happy to have you as a shareholder and answer any questions that you bring.
Best Regards,
Paul