So according to the Mikey and Kevvy MP team we are not even close to finalization.???? They could very miss an opportunity to drill this drill season, but that theory remains suspicious as apparently logic points to Medinah not doing any drilling ever.
Q) “Would it possible to update shareholders in the following manner? Medinah is waiting on a formal offer from one of the majors, we have given them until October (date) 2007, after which time if none of these majors presents a formal offer management is prepared to go with plan B,C, or D. If Plan A then this is our time frame of events, if Plan B then this is our schedule of events, if Plan C then this is our schedule of events.”
A) Each of the potential Joint Venture participants have timelines to present formal offers; however, as we were dealing with 12 separate groups, in all different stages of due diligence, involving numerous trips to the property to examine the workings and geological sampling, and all with different dates on Non-Disclosure and Non-Compete agreements, there is not a common formalization date. We anticipate “Plan A” completing in October. In the unlikely event “Plan B” is necessary, this should complete in November.
Q) “In your Sept. 28th update you state: "Management has mandated that the final preferred list of companies present formal offers that involves the final level towards closing. A formal offer is one that if agreed to and signed by Medinah Management, is binding upon the other party". What is your next step if your mandate is rejected and none of the narrow list of "majors" present you a FORMAL OFFER?”
A) As reported earlier, Medinah has been negotiating for some considerable time with 12 interested parties and recently prioritized our efforts to concentrate on the four most advanced potential Joint Venture participants. In the unlikely circumstance that we did not complete a satisfactory agreement with one of these, we would move to the next step with the remainder. |
