open question...?, page-2

let me have a go

1)What exactly happens should/when Thor’s cash goes?
Technically, I would think they are trading while insolvent - An insolvent company is one that is unable to pay all its debts when they fall due for payment. There
are serious penalties for allowing your company to trade while insolvent. If your company is in
financial difficulty, directors should seek independent advice on their duties and the options available.

2) Can they sell their tenements? The only tennement they hold 100% is MolyHill, which nobody seems interested in. They could try and offload their ownership of the other two tennements, however shareholders and potential shareholders in THR currently dont see a lot of value in them. Perhpas selling them could extract some more value for shareholders than the current shareprice is reflecting.


3) Would any sale proceeds get returned to investors? If the company was wound up, then Shareholders rank last in any distribution of remaining assets. Not likely to be much remaining when you think there are 1 billion shares on issue.

4) Does Thor’s situation scupper any hopes of a takeoff agreement being signed for Molyhil? Mostly that any partner that has been spoken to over the past 6 months hasnt been interested, so clearly management are trying to drive to hard a bargain or they are simply morons.

5) Surely any prospective customer would hold off for now, either waiting for Thor to get cash or to get Molyhil tungsten cheaper?
In my mind, any partner willing to buy the offtakes or come up with the $70 MILL IN FUNDING, SHOULD BE THINKING, Why not just buy the company and therefore own all the profits of the project? If I had a spare $7 million lying around that I was ready to put on a medium to high risk venture, I would buy THR, sack the entire board and all its employees, then put someone with balls in charge.