RE:Not sure what to make out of this newsAgreed B41
This latest press release is confusing at best as it gives no real projections.
Exactly how much is owed to creditors and what is the value of the real estate assets?
This has the feel of hey we brought $80 million to the Western Potash table, moved that cash to Vancouver real estate ventures, then took out a $40 million dollar credit facility, and used very little of that cash to advance the Milestone phase 1 potash project.
Instead the majority of the project was built on credit in which we still owe $10s of millions.
It is concerning, as how much money is needed to cover the liabilities outstanding, when I recall reading somewhere the real estate assets value was in the $30 million range?
More than $100 million in, and $30ish million out is not a great return on investment in anyones books, so who is responsible for this oversight?
If I am not mistaken, construction creditors are owed $40ish million, and the majority used outstanding credit facility is $40 million
Even if they can pull a rabbit out of a hat and get all the outstanding bills squared away, how many of these once burned specialized construction outfits will demand cash up front to continue
Quarterly Financial are due out next week, so maybe that can shed some light on this monumentous task ahead. Interesting times ahead for sure!