So I have been holding back in engaging with you in recent hours for various reasons, and I have improved my own posting to avoid you thinking I am 'attacking' you, but if you're going to continue taking pot shots at me for things I haven't said, and making up things I have said, then I see no reason why I shouldn't respond.
"Nod said that it would be difficult to get more money via a raise under 1.0c? I completely disagree"
I did not say that. I said Gary would be possibly be gun shy asking the market for more money at these levels. A director of a company is never proud asking for money when the share price is nearly the lowest it has been since their tenure started. 7+ years he's been involved. I still firmly believe to raise at these levels would be a failure on Gary's behalf, because I think more could have been done to stop us getting to these levels and raising at these levels does not bring me maximum value, or even reasonable value to me as a LT investor. Whether we do raise at these levels is still yet to be seen. That's my opinion.
The last CR was a duster, he knows, we know it. Sure, it was supposedly 'oversubscribed' on one side. Pretty generic statement said by most companies that raise. Gary could have sought approval to allocate the shortfall from the retail placement, but that didn't happen, so you can draw your own conclusions from there. I know what my conclusions are.
I asked for opinions from others who are balanced to either of our discussions subs because I thought it would help avoid the throwaway lines/jabs and bring some more quality to the thread. I have just been proven wrong.
This is a fallacy you see often on HC when a company SP is under performing and people feel they need defend the directors. Fact is, we don't know how far advanced these discussions are and if they prohibit Gary from buying on market. If it does prohibit him, it has obviously prohibited him from buying for a long time.
FYI,
WLF is closer to 95-100km away, depending on the route taken. I too am also interested to hear further information about a toll treatment option and I'd prefer these discussions take place ASAP as it could alleviate the need for us to spend hundreds of thousands (maybe into millions including SML's share) on engineering and studies for our own processing plant and surface infrastructure. WLF are not going too well, they are possibly at the beginning of a turn around story but reading into them, they sound like they do not have much spare processing capability at this point in time. Although, it sounds like they could have used some of our ore to blend with their own to improve their throughput and bottle necks, but one would like to think they will have those issues sorted by the time Redmoor is producing. They may have options to further increase capacity for a certain cost, and I would be interested for more high-level discussions to take place in this space to assess cheaper options for us.
I agree, what we do with the money is none of a JV partners business. But if the 'ongoing discussions' where based strictly around JV'ing Lochinvar, the JV partner would want to know that we have sufficient funds to support whatever our percentage of the the JV deal is going forward. Currently we don't have enough to support another JV. My opinion is we'd end up a with a register well into the billions if we try support 2 JV's at the same time, so as has been said and discussed previously, I agree a JV is not the best option for us going forward.
So we continue to wait to see what Gary's next move is.
(20min delay)
