No question they made mistakes, did not follow a critical path...
but having said that it doesnt benefit shareholders simply
to recognize that. My understanding is though they have until
Jun 5th, today is april 7th and it would take at least 60 days
to put together a private placement or other package (according to Mark). This is why they are pessimistic.
My own view is that where there is a will there is a way
...if there is the will. My concern is that the STS people
are taking this a bit too casually. If shareholders have a proposal Bristman and Co. should pay it all due diligence.
As for Yetwene, I have no doubt that the Angolan side will shut them out if the deal is not consummated. They have nothing to lose.
Presumably they keep the $1.5 million already paid, and get to sell the concession to someone else, win-win for them even if they
now get somewhat less, which maybe they won't because everyone
knows the details of the Rescan survey.
If a shareholder-led financing can lead to another extension
maybe its worth a try. Money does talk, another $1.5 million
for example might keep things alive until for example Sept.,
or the end of the year being optimistic.
Bohdan may well be right, that it's too late, but damn it,
management owes it to all shareholders to fight it out for them.
They also should be willing to put up some personal funds. That's
what we have spent, our personal funds, taking most of the risk.
I don't mind the blackjack tables, but the dealer shouldnt
be a wet noodle.
In any case I have had experience with a merger before in
the Vancouver area. I arranged for my company at the time to take a 15% share in a new venture which included acquisition of a plant in another province. I can tell you that the $3.5 million my co. put up in equity was absolutely critical for the much larger bank loan to complete the package. I am thinking that a shareholder-led tranche might have a similar impact (maybe wishful thinking because I worked for one of the largest corporations in the world at the time) but would like to give the idea a whirl
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