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Gold/Mining/Energy : Steppe Gold (SPE:V)
SPE 15.24+0.3%Nov 7 4:00 PM EST
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To: Moot who wrote (823)3/26/1998 11:06:00 PM
From: Robert Dydo   of 1248
 
I had envisioned a merger between PVO and GBU on PVO thread (if you care to read) and I found myself in another risky territory-this time Romania.
What do I think?
Of course financing, Moot.
First signal-GBD acquisition. You questioned the reasons and could not believe if John was so unwise, so did I.
Second, SPE warrant release can be interpreted so many ways, I like this one:
We do realize due to the current situation on the market, decrease of the price of gold, investors sentiments and so on our share value has gone to level which does not represent the value of company's assets.
In this situation we believe that price of warrants does not offer the appreciation of the true value for participants in past pp's we have decided to extend the term of the warrants by one year in return for small premium as we believe that our continuous development will find appropriate reflection in the future price which will benefit both the warrant holders as well as company.
There is no desperation in this extension. Company which is working on financing of its only short term cash flow project, having doubts would also lower the exercise price, at least to secure funds to hold to better times,just in case. Two months period is just a reference but I feel by mid to late April we should know.
JV I think could come after more work performed on K&A. I think not only shareholders but also major companies are wondering how things will go with Mizek.
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