Woulfe Mining Corp WFEMF

Woulfe Mining Announces $20 million Convertible De

[wolfry1]

https://www.marketwatch.com/story/woulfe-mining-announces-20-million-convertible-debt-offering-2012-06-06

[TechOne]

This raises more questions then it answers.. Can't say I am too thrilled to see this without any addtional information on IMC DD or context to overall financial issues mentioned previously.. 

[fattail]

I agree. This could have been handled a lot better.

[jobart]

Don't tell me we couldn't have waited a month for IMC confirmation and borrowed the money at 10% interest. Now we're faced with 10% interest AND a possible 70 million+ share dilution @0.285 if debenture holders choose to convert. Thanks a lot Wesson.  Any insiders in on this steal??

[EasyJob]

So much for "...NO MORE DILUTION..."

[mercurysmith]

The news regarding IMC must also be coming almost immediately.  I doubt any lender would provide $20M without knowing for certain that IMC is still moving ahead with their next 30M under the offtake agreement.  This latest news just points out how little most of us know about what is going on, in spite of doing our best dd.  We just need to pause for a moment and see what will be

[juncles]

I must say, this was not what I was expecting. What happened to 'minimizing dilution to current shareholders'? At $20M total, $1,000 per unit, with each unit convertible to 3,509 shares, if all were converted, and Woulfe doesn't redeem any of the $7.5 allowable, that puts an extra 70,180,000 shares out there. And add an extra 14M+ in warrants. Although, this

[CJHallee]

Unbelievable!  EOM!

[jobart]

Quick question for those in the know.  Exactly when can the debentures be converted;  At any time, or only after maturity in 2017.  Would make a huge difference. Thx

[fattail]

Normally there is no restricitions as to when debentures can be converted.  

[whoisyourpapa]

So I guess this means wof was not able to get financing from any of the many banks  that spent time on site. This, if I understand it correctly, Is not good for current shareholders

[TechOne]

The terms of the deal, 10% when interest rates are historically low when previously we were thinking bank financing will come at say 5-6% while we have yet to hear about what has transpired with IMC, leaves one with a news release that suggest less positive outcome.. Nothing to cheer about.. The fact that IMC deadline is in about 2 weeks and it will probably take as long to close $20m Convert. etc

[jtsmith]

Woulfe has done a lot of things right, but from the looks for things it doesn't seem like negotiating is a strong suit. I think that the the deal is almost just as important to IMC strategically speaking as it is to Woulfe, as it secures supply outside of China. While there has been no news on the IMC financing yet, what I deduct from the NR is that either IMC has signicantly changed the terms

[fatherdeath]

panic selling...thats more or less where i'm at, although i'd call it angry/dissapointed selling...i'll sleep on it.

[AAA-1]

your post appears to be 'on spot' with what Nick discussed with this person moments ago via phone.   Keith

[AAA-1]

perhaps, the IMC deal is set in stone.  per your own post:   The news regarding IMC must also be coming almost immediately. I doubt any lender would provide $20M without knowing for certain that IMC is still moving ahead with their next 30M under the offtake agreement.   seems logical...again, Nick Smith did not seem to indicate any question with the IMC deal...heck, I know he would

[mercurysmith]

Thanks AAA.  I agree that would be logical that the IMC deal is now fully set (hence my earlier post).  My concern is that none of this announcement today seems too logical.  If Woulfe could confirm there is no new information bringing into doubt the advancement of the $30M from IMC, then I would take great comfort in that news.  I appreciate that in the end, IMC (not Woulfe