Oromin Explorations Ltd OLEPF

RE: RE: Sprott and Oromin got a good deal.......

[Roro1]

There is no bad news here. Either we were going to get news of a pending sale or we were going to get news of finanaicng of some  kind. I honestly agreeed with blue's comment yesterday that a deal was done, because no news of financing had been  released and Chet was very low on money.

Considering the alterntives, a line of credit is very good. It gives OLE the insurance it nees to get through the next few months, and OLE is in control of how much it borrows. It's a hefty price to pay for a $5 million LOC, but the impact on us is still very minimal. 

This also suggests that Chet is planning on selling soon or is otherwise planning on getting some favorable financing in the near future, given he only sought a $5 million LOC instead of diluting.. At least we know OLE won't have there backs agianst the wall in negotiations.  Best-Roro