Random Thoughts Here are a couple of issues.
1. IMO, Sandstone advance too much money for the mines, they should have required NDX to put up at least $10MM.
2. Sandstorm, IMO, is not putting in another penny, so it either comes from Novadx (with new management) or the mines will be moved to another company that has the liquidity and capabilities to complete and operate the mines.
3. Given the unfavorable conditions in the coal markets, combined problems with other Canadian junior coal miners (Cline & Royal Coal), raising significant capital under the Novadx banner is going to be very difficult to do. Dilutive, as well as, but at least you keep the mines.
4. Many have talked about the asset values. But if go and look at those analysis, Rex was valued used coal prices of $170+. We all know where prices are.
Unless NDX gets a real, high quality coal management team in place, I don't see much hope for NDX. But I am not sure why a real coal management would want to come to NDX, when they can just get the mines in another shell.