GREY:WFEMF - Post by User
Post by
gereynoldson Jul 28, 2015 2:13pm
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Post# 23968220
Something is wrong
Something is wrongLtteer sent to Almonty July 10. No reply. Do I have any facts wrong?
Sir: As a long time shareholder of Woulfe Mining, I am puzzled after reading your new presentation on your web site. You state that IMC holds a 25 per cent interest in the Sangdom tungsten project in South Korea. I know that IMC has the right to buy 25 per cent at a cost of $35 million but I believe the deal was never concluded. IMC is owed $10 million it lent to Woulfe and would only have to pay Woulfe $25 million for the 25 per cent share. Woulfe has never reported receiving the $25 million so as a shareholder I believe IMC never completed the deal.
Am I wrong? Or is your presentation incorrect?
Further, we shareholders have been told Warren Buffett never signed the deal that gave IMC the right to buy all or 90 per cent of the off-take at a price below market value. We have been waiting for that signature as it is seen as a stimulus to the share price. You state you have a “Strategic Partnership with Berkshire Hathaway Subsidiary” but we shareholders only know of the $10 million loan as a link with Buffett.
Did the deal get signed but never announced by Woulfe?
I am happy with the deal you have made to merge the two companies as it seems the only way to get the mine into production. But, I would like the confusion over the status of IMC and Buffett cleared up.
Thank you
Gregory Reynolds,
poker@nt.net