2015 GOALSAccording to the Novenber,2015, update presentation the following endpoints were to be achieved by year's end (tomorrow):
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H2 2015
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• Granting of 30 year mining license by Greenland government
(Completed September 2015)
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• Secure project financing
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• Sign off-take agreement for coatings and filler business and
additional e-glass producers
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• Obtain partner for alumina business and proceed to pilot
plant testing
Unless we get a NR today or tomorrow,which is not very likely, the only goal met will be the mining licensing agreement with Greenland.Since it was only six or eight weeks ago that these goals were reconfirmed, I felt that the financing and at least one more off-take would be announced. It is disappointing to have them once again miss their timelines,especially at this critical stage in our development.At the very least it is hoped that a release will be issued in the next 8-10 days advising shareholders as to the status.
They are obviously having difficulty with either the terms or the avaiability of the financing. With the binding agreement in hand from Owens Corning, it is suprising that the financing was not completed by now.The lenders must have some concerns but because of the confidential nature of the agreements,shareholders are left in the dark.
Based on what is avaiable to us, I still have faith in the product but I am becoming a bit more concerned with the execution and the continued lack of information released to shareholders.
GLTA IN 2016.