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Gold/Mining/Energy : Bomax Resources - BXS.VSE
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To: Johan van Slooten who wrote (107)4/3/1997 9:24:00 PM
From: Leigh McBain   of 313
 
Spoke with Jim today. According to him the VSE has promised a response by Friday 04-Apr-97 with regards to their final approval of the deal or an updated deficiency list. The expectation is approval. They have been dragging their feet due to the lack of a guaranteed sales contract of substance. There is apparently an issue with 3 separate interested European buyers, they all want exclusive rights in Europe to the product and at least at this point the company is not prepared to grant that to any of them. In the mean time Europe appears to no longer be the only source of interests from a buying perspective. There are other packages being worked on that may potentially involve sales and financing all rolled into one.

Meetings with regards to financing are being put together with 2 separate parties and should be either real or not within a couple of weeks. There is also a ship due for outbound product today, I am told the shipment is due to be around 125 cubic meters. Access has been greatly simplified, albeit for smaller ships, since the river was dredged. The VSE is expected to make the package designed almost totally around earn-out shares given the lack of a concrete long term sales contract.

We will have to wait and see if this finally comes to fruition, but it does appear that progress (slow boat to Europe) is being made.

Salut,
Leigh McBain
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