AGM ------- Part 3
In my last update I left off with mentioning the conditions of the agreement have all been ironed out and that the company gave a two-week time frame for this to be completed. They did say it could be done in as little as in a few days but I think the additional time is for registering the Brazil claim transfers. I understand from past experience that once the claim agreement transfers are signed and delivered to the claim office in Brazil, where good to go.
This was one of two reasons I learned or assumed was for the drilling delays. In my opinion, and this can be some what substantiated with last weeks price increase and volume pickup, was there was some rumours floating around that some type of hostile take over was in the cahoots. Once these rumours proved defeated or unsubstantiated the cloud cleared and we some serious buying return from Canaccord, Anonymous, TD Bank, National Bank and several other houses.
I will go on further to say Billyr211 and the roll back rumour camp he belongs too was defeated. It doesn’t take to much observation to understand who he associates with and that the group he belongs too lost out big time and the Fipke camp prevails or remains in control. Billyr211 will most likely be spending more time moving forward over at the Capella board and if he continues to post on Iciena it should hold very little merit.
There was post chatter about the last go around about the financing and that Bruce Macdonald brought his people into the deal. This is not entirely true; I believe MacDonald’s group consisted of about a third of the total financing. There were two other prominent groups of which one third approximately was from Fipke’s “book”. They raised all told, $3.5 million dollars, and from that money $1,096,938 (U.S.) was spent on airborne magnetic and electromagnetic (VTEM) geophysical survey. The question was asked how much money was remaining in the bank account of Iciena and it was reported that it was sitting around $1.75-million.
At the AGM there was a question as to Chuck Fipkes role. This was also raised by bandi on the Bull Board yesterday. That is why I posted the previous post outlining Fipkes role. In short, the way the agreement is structured, Fipke remains as the operator of the project, holds shares from the property acquisition, and retains a 10% carried interest moving forward. Very much structured like the previous Dia met Mineral days in comparison to carried interest and operations.
The remaining update and questions that were discussed all pertained to what’s next for Iciena moving ahead.
In the spirit of not making this post to long, I will put together this update next and this will be the 4th and final conclusion to the AGM Update from my notes of attending.
Hope you enjoy the little weekend read(s).
Rainy & windy regards,
Tommer3