RE:CEO’s obligationI'm not sure what you are hoping the CEO would say right now, they were pretty clear in the May news release on financing and that they wouldn't be updating until they had a definitive outcome.
"The Company is pleased to announce the initiation of a formal process to raise external capital to finance construction of the Project. The Company has engaged Fort and Peters as co-financial advisors in connection with this process.
The Company does not intend to provide any updates on the progress of this initiative until a definitive outcome has been reached."
The May news release proved management has been working hard to get this project shovel ready, financing ready, and they provided the news very close to on time with the orginial timelines they promised which I think was end of Q1.
I think they have a good chance of raising the funds because the project makes so much sense for Manitoba and for Canada with the push for green technologies; both governments are likely to help offset some of the project cost. However, $800 million is still a huge some for a company to raise, it doesn't happen over night.
My guess is we won't hear anything on financing until September, summer months can be pretty slow for companies. Right now I assume CPS has their data room open, likely has signed NDA's with a few different potential financiers, strategic partners, or purchasers, things will get reviewed and negotiated, and we will find out the outcome when it happens.
I see the investment right now as a gamble on financing or not, if financed or purchased, I expect a return of 200%+, if they can't arrange financing, or show signficant progress within six months, then the shareprice likely drops in half and floats around there until financing is compete. No guarantee it ever gets financed either.
My bet is a big company purchases the project; there just aren't many (or any that I can think of) of small publicly traded manufacturing companies in this sector.
I'm interested to know people's guesses on a purchase price. I'll start the bidding at $200 million.