I spoke to Lori at RMIL today. FWIW, I'll pass on what I learned, with the caution that anyone interested should confirm it for themselves in the event I misunderstood anything.
Lori was very pleasant and open and honest, as far as I could tell. What she told me, however, is significantly different from what Pugs has been saying. First, the money is still expected on the 28th (this is what RMCW has indicated to them in writing). It is only the $5 million equity financing, however. She specifically said it did NOT include the $5 million loan.
Second, the delay in filing the 10K has nothing to do with the resumption of trading. The primary reason for the delay is that RMIL needs the proceeds from the financing to pay the auditors the $70,000 they will charge for their work on the 10K. Another reason is the material changes in the company (although I didn't understand that, since they have occurred after the filing date of the 10K and would not be reflected in its contents). She expects the 10K to be filed a few weeks after receipt of the $5 million.
Third, Lori told me that the 10K is not necessary for the resumption or trading. The only thing holding trading up is the necessary filing with the NASD of form "2-11" by a market maker. Lori told me that a market maker filed the form either last Friday or this morning, and she expects trading to resume in the next week or so.
Fourth, Lori said the merger is complete, but may be rescinded at RMIL's option. RMCW cannot opt out.
Finally, Lori informed me that the present free-trading float is APPROXIMATELY 3.3 million shares, with 800,000 of those held by insiders. I emphasize approximately, since she said she was in the middle of compiling the figures, and would not know for certain until tomorrow.
Can someone call RMIL tomorrow and confirm the float? I'll be out of town taking a deposition and unable to make the call. IF the figure is 3.3 million, I would find that very interesting, since it is much higher than has been previously posted. |
