RE:RE:RE:RE:I DON'T LIKE This Phrase !!! "Significant Interest..." !!! I believe you are incorrect. To the best of my Knowledge three Oil Sands companies paid around $2 million each to help build out the Marwayne Project. To the best of my knowledge these three companies are:
1) Cenovus - confirmed in Acceleware news release.
2) Suncor - confirmed in Acceleware news release
3) Meg Energy??
To the best of my knowledge, Acceleware made a phenominal deal for Acceleware shareholders. There was no dilution to Acceleware Shareholders for the $6 million investment. Instead those 3 companies will receive for their $6 million investment copies of all project data and results prior to any public release. Also, to the best of my knowledge these three companies will be put before any other interested parties for any new RF XL projects undertaken by Acceleware. In other words, they go to the head of the line for future projects. It was this $6 million plus another $5 million from Alberta Innovates a Government sponsored entity and up to another $5 million from other Government Agencies that paid for the Marwayne project. This was done without any shareholder dilution. Incredible!!!! I suppose that Broadview Energy the leaseholder for the Marwayne project which gets an overriding royalty of 7.5% of any oil revenues from that well might also have the ability go get in with the other companies as they also gave Acceleware the right for a second site at Marwayne.
As to the private placement of these securities, it is the last time the insiders will be able to get a special deal. I do not begrudge them that. Acceleware will not have substantial cash flows coming into its coffers from Oil produced at Marwayne until towards the end of the year from operations. If this $2.5 million in convertible securities helps with immediate cash flow needs and for additional R&D to take place now it is a good thing. The diution effect is very mild. A lot of Canadian company insiders really take advantage of situations prior to their companies exploding in value. So long as they are creating substantial value for the outside shareholders, it is nothing to be upset by. In the case of Acceleware insiders, this is little more than a well deserved bonus and not harmful to outside shareholders.