RE: Regulatory Question Adrammelech, Neg Goodman's involvement does make it possible for alternate financing if the bank backs out. I don't think IMC is backing out. IMC has good reason for wanting more security than just an offtake agreement. IMC still wants partial ownership of the mine so as to be able to have more control over production and to remain secretive regarding their competitive cost advantage.
The Feb 25th deadline was for repayment of the $5M loan. Since the recent debentures clearly allowed Woulfe to be able to repay that loan, my guess is IMC and Woulfe agreed to extend that repayment deadline..Actually that loan will likely never be repayed, because once Woulfe and IMC complete their strategic agreement, that $5M loan will just be rolled into the $35M IMC is paying for their share in the Sangdong mine equity.
You make an interesting point that if IMC now only wants the offtake and no longer wants to pay for equity in the mine, then Goodman's company Dundee may be willing to take over that equity in the mine. If the $5M was repayed, then this theory will have more credibility. If the $5M loan was extended, it is more consistent with IMC continuing to be the most likely candidate for having equity in the mine. Woulfe is duty bound to report any material change and for me, either the extension of the loan or the repayment of the loan is very material and must be disclosed.
I think we will get a n/r very soon confirming the debentures were all sold and further confirming whether the $5M loan was extended or repaid. I think they would like to drag that n/r out as long as possible because they are getting close to closing the strategic agreement and the financing and they don't want interim distractions. Still they can't wait too long with the n/r regarding the debentures and the $5M loan extension/repayment given their legal disclosure duties. Some n/r must be coming soon IMO.