RE: Spoke to David Constable It appears to be the bank that was holding this deal up after all. I consider this a good thing. Once the company completes these additional requirements it could be smooth sailing from that point on. I'm sure both sides are anxious to begin construction on the mine after the snow melts in early spring. In my opinion this deal will be wrapped up by the end of March or April at the latest. Lets hope they are very selective when choosing this new CEO.
Cheers!
Quote:
"He said that the reason the deal is not yet done is because of the bank, they require additional engineering drawings as part of their DD which Wof is working diligently to produce and give to them."
Spoke to David Constable yesterday. . .
I asked him why the loan with IMC was extended for so long (1 year). He said that IMC wanted it that way as an "assurance of exclusivity". They wanted to make sure that Wof was not going to talk to anyone else.
He said that the reason the deal is not yet done is because of the bank, they require additional engineering drawings as part of their DD which Wof is working diligently to produce and give to them.
I asked him how long from the day the financing is in place it will take for the mine to be producing. He said 15 - 16 months.
He said a new CEO should be announced within the next 7 - 10 days.
He said that the additional 5Mil from IMC does not cancel out the debentures. He confirmed the debentures are "still in play" . Specifically, he said the 5Mil loan and the debentures are two separate things.
whois
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