Correspondence with Andrew HoffmanI sent an email to Adrew Hoffman on August 22,2009 asking few general questions about the financing for mine development. He responded to me on the same day. Looks like overall things are moving well and we can see some big news in September, 2009. I am copying the email for your information below.
Cheers
AH
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From: Andrew Hoffman <ahoffman@geovic.net>
Subject: RE: Any hope for financing?
To: "Akter Hossain" <hossain499@yahoo.com>
Date: Sunday, 23 August, 2009, 4:58 AM
Hossain,
We dropped Citigroup in November of last year, per our press release at the time announcing the delay of the project.
We are currently completing our process tests and updated 43-101, which should be finished on schedule in September the way it looks. We are very encouraged by what we see so far.
At that point, we will update our Feasibility Study and accelerate our efforts to finance the project via conventional means (debt and/or equity). We have been speaking to multiple parties all along, and thus will have numerous options when that time comes.
Additionally, we have been speaking to other parties about non-conventional financing such as as JV’s and other types of partnerships.
If you have further questions, feel free to contact me.
a
Andrew C. Hoffman, CFA
V.P., Investor Relations
Geovic Mining Corp.
Direct 720-350-4130
Toll-Free 888-350-4130
ahoffman@geovic.net
From: Akter Hossain [mailto:hossain499@yahoo.com]
Sent: Saturday, August 22, 2009 9:53 AM
To: Andrew Hoffman
Subject: Any hope for financing?
I am a long term share holder of Geovic Mining (GMC) and also own 200k GMC.WT.B warrant. Recent news on various media on the outlook of cobalt & cobalt price really brining new hopes to the GMC shareholders. I also believe that brighter outlook of cobalt price and continuous improvement in the financial markets will provide ample opportunities for GMC to arrange financing for the mine development. I strongly believe that GMC Management will eventually become successful to get financing for full mine development. One thing bothers me is that the City Group is your financial advisor to arrange financing. City Group itself having huge trouble and I am doubtful about how effectively City can help GMC to financing when City itself under water. Are you considering to change financial advisor in near future? How seriuos GMC management is to get the financing for mine development? Is there any hope in the pipeline? How optimistic you are to secure financing for full mine development? Would you be kind enough to provide some feedback? Thanks in advance for your feedback if any. Akter Hossain, Ph.D., P.Eng. |