I am holding.... I think everything is unfolding as it should.....
- In my opinion the news announcement made just before the long weekend gave us retail investors time to vent and put everything into perspective.
- After taking over as Interim CEO, it is smart to get the books in order so that there is a better understanding of WOF's costs. It is obvious now that Brian Wesson did not do that for whatever reason.
- IMC provided an additional loan to extend the agreement and IMC has done their DD, hence they believe in our mine.
- Brain Wesson made a public statement about some other requirements had to be met before the bank and IMC would sign the deal. It is obivious now that Brian Wesson has either been sitting on this or did not know how to complete the extra work required for the Sangdong mine i.e. by attaining additional financing. These were probably some of the reasons why Brian had to go. All this time, the ball has been in our court and not in IMC's or the bank's.
- IMC is not interested in a takeover of the Sangdong mine at this juncture as they are waiting for us to complete our work. I don't believe they want us to fail as they have shown a level of commitment to our project.
- Our hurdle right now is to get additional financing to get the deal signed with IMC and the bank. This is our primary risk. We have Dundee Capital and Ned Goodman. I am sure with their deep pockets and contacts, they will find a way to get WOF to the next level. Without them on board, we would be doomed to failure.
- I think it is smart to cut unnecessary costs such as IR and the headoffice in Vancouver (if they actually did that) and focus all of our existing funds on getting Sangdong to the next level. We already have all the institutional investors we need, we have an agreement with IMC for both as a partner and as a purchaser of our resource. We are very close to getting to production with only one major hurdle to get over.
I am holding for now as I believe the current management team will get the job done. It might take another year to complete all of the necessary work, but I will wait until the next big financial announcement before I will purchase my next block of stock.