Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: gold$10k who wrote (8863)	3/5/2002 9:47:13 PM
From: Frank Pembleton	Read Replies (1) of 36161

Vt, I contacted the IR at TVX and surprise surprise, they responded promptly... Regards Frank P. - Frank, Granted you are corrected, 90% of the time a reverse split is negative although 90% of the time a reverse is undertaken because a Company is in financial distress which is not the case for TVX. Financial speaking, we are in very good shape with around $50 million in cash ($34 unrestricted) and essentially little debt (there is ~$70 in debt of the balance sheet but it is back-to-back against "Export Pre-payment Contracts"). We are hopeful that the investment community will understand that this is one of the first steps towards growing the Company. Our ability to raise equity in order to acquire assets is limited when our share prices is below $1. Many shareholders have requested that we maintain an NYSE listing (NASDAQ has the same share price limitations because it does have significant value for the Company. Once you drop of the big board it is extremely difficult to re-list. Thanks for the questions. Regards, Carl Hansen cbhansen@tvxgold.com

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