RE: RE: RE: RE: Napkin Math
No I am not at PDAC. Most of my information comes from the WAI website and documents on SEDAR.
Went over the press release from Sept. 2012 regarding the Letter of Intent with CIF. This "partnership" may be further down the road than I thought.
As part of the same facility, CIF has also agreed to advance an additional CAD$20,000,000 at a conversion price of CAD$0.10 per share, on similar terms to the Debentures, and subject to the approval of the TSX Venture Exchange, upon confirmation that certain mineral licenses have been renewed, and that a technical report disclosing a minimum of 350Mt of iron ore on the Forécariah Tenement has been prepared.
In the definitive agreement, CIF and WAI will enter into an off-take agreement with respect to 50% of iron ore production from the Forécariah Tenement for a term of five (5) years. The parties have agreed that the purchase price of the iron ore shall be 95% of the market price, based on the prevailing international price at that time. In addition, CIF and WAI will define the related conditions that will allow WAI to finance its mine development.