I attended today's presentation.. A good turn out of brokers and the likes but these guys always show up for free lunch.. LOL.. However, there were few people with good questions so I think interest is there and is bound to perk up.. So as things stand, we are at the homestretch..
IMC - Did their DD.. Contracts are drawn and with Lawyers etc.. One of the reasons for delay is/was is due to Shinan Banks DD and the loan facility to be provided which in turn effects the contracts with IMC so both the contracts are inter dependent and as such three sets of Lawyers involved.. IMC is stll investing $70m in total with $35m of equity and rest debt for APT plant that WOF has to earn their % as things move along.. 90% offtake on a take or pay basis..
Shinhan Bank - They finalized their DD so the CEO is heading bank to Korea to nail it down.. Rest of the WOF presentation in other cities will be by Nick and one another person.. Loan facility is still US $150m but may be adjusted depending on how the total cost looks like after the RFP from the potential contractors..
Management hopes to nail everything down before Christmas.. They expect to start in March of next year with construction etc.. but here are the milestones for next 12 months as laid out in presentation.
-Shinhan completes DD, signs definitive agreement
-IMC closes and invests
-Stope production commences
-Underground crushers installed
-Plant construction completed
- Commissioning (late 2013), and then to Production
Management shares share holders' frustration but it is tough environment to raise money so there is only so much they can do to expedite the process but hopefully, we see the financing news by mid December at the latest..