Leigh, any news on BXS?
My last update was a conversation with Jim Bond, Pres. on 23 July. He explained all the problems he's had with Tucan, and David Krenbrink in particular, who wanted to back out of their deal. This caused the stock to collapse from 1.00/sh to 0.30. As of 23 July, Krenbrink had finally agreed (with the help of some legal pressure) to go ahead with the deal -- if Bomax financed Tucan to buy a new drill from Italy (to drill 8 holes at once vs. the 1 hole-at-a-time drills they now have). Bond's remark to Krenbrink was he (Krenbrink) certainly had a silly way of trying to raise money, first by causing the stock price to collapse, then asking BXS for funding. Bond wouldn't and couldn't guarantee funding under these circumstances. He told Krenbrink there was one investor who was willing to fund this, but at 1.00/share, not at 0.30 because there would be too much dilution.
To get all this back on track, Bond told Krenbrink to start a FAX exchange with the investor. The investor has the money, Tucan has the assets, so just get it together. A critical date is now coming up - Sept 4. Per their original agreement, Tucan had 90 days, until Sept 4, to get the quarry back into production. Bond says this only would take 2 weeks to do since drills are already on the site, two side walls are ready for drilling and blasting. Louige Bourgonon (sp) is the operator, who Bond says is the "best master in the world".
If anyone else has any more recent update on BXS, please share it. |
