GREY:ADEXF - Post by User
Comment by
greenandgoldon Sep 15, 2011 2:21pm
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Post# 19046731
RE: RE: RE: latest news release
RE: RE: RE: latest news releaseDo you really think the AXI/XinXing deal is bigger than the Century/Wisco deal? That's silly.
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WISCO is investing $120 million for 60% of a three-property joint venture with Century, with a commitment by WISCO to assist in financing the rest of capex. XinXing is investing roughly $55.3 million for 50% of a joint venture with AXI, with a commitment by XinXing to assist in the financing of the rest of capex.
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It's not a $1 billion deal, it's a $55 million dollar deal. The $1 billion is a hazy promise. If there's a real billion dollar commitment show me the project finance paperwork. Show me the debt finance paperwork.
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From the announcement of the deal in July, 2010, it took AXI 5 months to squeeze a measly $5.3 million out of XinXing. Management needs to stop floating press releases about billion dollar deals, and focus on getting the $20 million dollars it needs to keep the drills turning and the consultants paid.