whisky a go go, page-8

Optiro assumed in their valuation the following which I feel discounts the value fo VCN therefore I feel VCN is disadvantaged by the merger and should forfeit a 300k break fee to universal to get out of the merger obligations.
"������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ Optiro has
assumed that the Talvivaara operation will not be ready to take concentrate for at least another
18 months to 24 months. Inherent in this assumption is that without this offtake agreement for the
bulk concentrate in place project finance cannot be obtained and pre-production activities (primarily
plant construction and decline advancement) cannot begin. In essence, the start of the project has
been delayed for 18 to 24 months from the valuation date. This scenario may be affected by the
Luikonlahti purchase, which significantly reduces the finance required by Vulcan, but in the absence
of firm estimates Optiro has assumed that the delayed start-up will still be in place"