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Gold/Mining/Energy : Nuvo Research Inc
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To: axial who wrote (8385)1/9/2002 12:36:30 PM
From: Cal Gary  Read Replies (1) of 14101
 
Hi Jim

Sept 11

Of course DMX had made previous draws, but
in my mind events of Sept 11 triggered DMX to act.

They were low on cash at the time and Sept 11 nailed the markets and closed them for a few days. So the risk of raising capital increased. Understatement at that time. I'm sure REK and board members needed to make a decision to shore up this part of their operations. They have been drawing every month since.

TK was the primary vehicle for the draws.

On Sept 11, TK began the hedging for Acqua.
On Sept 19, Dundee joined. The dynamic duo.
On Sept 28, ITG made the threesome. The 'three amigos'.

Using these dates, you'll find that they hedged
slightly more than $1mm loonies. Then the Oct 1 NR confirmed the $1mm draw.

BTW Did I mention that DMX has 2 completed Phase III products? and
Pennsaid Works, and Works Well.
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