RE: RE: RE: RE: RE: : RE: Did they come for them? “apparently so they can offer another private placement and further dillute my own shares?).”
AHHH (as you say), so the present BOD will raise the grossly inadequate $19.4 million for the prefeasibility program by way of free-of-charge performance by Kirkness, Sacre-Davey, Snowdwn, etc.? And McClay et al will forego their $30,000-per-month fees, etc? I don't think so (and neither do you, right?). So that means a financing, right? And, with the stock performance, dissident revelations, retracted news releases, out-of-order website, who would touch a new financing with a 10-foot-pole?
AAARGH, I say. And that’s even without mentioning that the 2012 70,000-metre program could cost $54.6 million (MSQ announced that two holes were drilled in 2011 for a total of 3,792 feet. If $900,000 was charged for drilling, then the cost was $227 per foot. At that rate, the proposed 2012 drilling program (230,188 feet) will cost $54,555,000. Converted into 25-cent shares, that'll be 218,218,200 newly minted shares), and that sure isn’t in the kitty, is it?
And then there’s this:
Remove $120 from $227, and $97 remains. Multiply that by the 230,188 feet in the proposed 2012 drilling program, and there’s a potential “premium” for Kirkness drilling of $22.3 million. Not exactly chump change. Is it?
AAAAAAARG says Feckless, as the penny drops.
7..The unpaid drilling bill owed by IEMR to Kirkness was entirely the responsibility of Kirkness. The drilling company performed poorly and, in addition, charged IEMR approximately 160 per cent of the market rate (approximately $198 per foot drilled compared with a market rate for that project of about $120 per foot drilled). Naturally, IEMR refused to pay the inflated bill and Kirkness recently agreed to settle the bill for a rate of approximately $120 per foot drilled. The amount settled on is less than $1-million.