I will continue to follow the thread here and look forward to additional communications. I do need to clarify one thing, Corrina was nice enough correct my interpretation of her statement with regards to the $60 Million. Although there are specifications as to what it can be used for, it is not not as limited as I understood from our phone conversation. Here is Corrina's explanation of what the line of credit is available for, and admittedly it does make WWS appear even more appealing IMHO than it did upon initial evaluation.
Corrina wrote:
> The Working Capital Facility is being and can be used to finance the
> ongoing uranium business in all its aspects ie the build out of the
> uranium mine, the purchase of strategic inventories and production
> and ongoing development/acquisition of uranium properties etc. -
>
> Quote from press release December 30, 1997
>
> "The facility has been provided to World Wide's subsidiary, Word
> Wide Uranium Holdings Inc. Drawings under the facility are secured
> primarily by inventories of uranium and by an assignment of uranium
> sales contracts. The financing is not tied to production of uranium
> from any particular source. Proceeds will be used to finance
> working capital, which will include the build-out of the Dornod
> uranium mine in Mongolia"
>
So there are limits as to what could be procured thru these funds, ie. no properties in gold, silver, nickel, platinum, etc. In addition the day to day operations of Worldwide Minerals itself cannot be funded this way, however, the scope of use is certainly broader than what I expected from what Corrina and I discussed on the telephone.
I hope this has been of help.
Salut,
Leigh McBain |
