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Gold/Mining/Energy : IBI CORP IBIC (CDN)

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To: Elizabeth A Rice who wrote (153)	11/27/1998 10:32:00 PM
From: Elizabeth A Rice	Read Replies (1) of 422

Following is post from attendee at agm taken from CW>>>>>>> I MUST SAY THAT I WAS EXTREMELY IMPRESSED WITH THOMAS .( new ceo) HE IS EXTREMELY PROFESSIONAL. I ALSO AM VERY IMPRESSED WITH THE ACTUAL TEAM THAT HAS BEEN PUT TOGETHER TO HANDLE THIS WHOLE OPERATION. THE FINANCING FOR THE PROJECT IS FINE. THE MANAGER OF THE EAST AFRICAN DEVELOPMENT BANK, AND THE LOANS COMMITTEE HAS APPROVED THE PROJECT. THIS NOW GETS PASSED ON TO THE BOARD OF DIRECTORS OF THE BANK. IT IS MY UNDERSTANDING THAT THIS IS MERELY A FORMALITY FOR THE BOARDS STAMP OF APPROVAL. THE MEETING WAS CHAIRED BY DAVID MENZEL. HE IS A VERY BIG SHOT LAWYER. IT IS MY IMPRESSION THAT HE WAS VERY CAREFUL AS TO HOW THE MEETING WAS PRESENTED. ALL T'S CROSSED AND I'S DOTTED. THOMAS THEN MADE AN EXCELLENT PRESENTATION OF THE ACTUAL PROJECT AND PEOPLE INVOLVED. DETAILS OF THE RIGHTS OFFERING WERE PRESENTED. I WILL FILL YOU IN ON THIS MATTER WITH A SEPARATE POST. DR. DOIDGE ALSO MADE A VERY ENCOURAGING STATEMENT THAT THE ACTUAL PROVEN RESERVES ON THE FIRST PROPERTY MAY BE 10 TIMES HIGHER.THE NUMBERS BASED ON MINIMUM PROFIT NUMBERS AND MINIMUM PROVEN RESERVES PANNED OUT AT 1.2 BILLION. THIS IS MINIMUM CALCULATION. IT WAS ALSO MENTIONED THAT IBI HAS THE RIGHTS TO 4 OTHER PROPERTIES NOW. THE CDN LAST REQUIREMENT WAS A STATEMENT OF WORKING CAPITAL. THIS STATEMENT WILL BE SUPPLIED BY WHAT IS REFERRED TO AS A BACKSTOP. (A BACKSTOP FOR THE RIGHTS OFFERING IS AN AMOUNT OF CASH DEPOSITED INTO IBI IN TRUST. THIS BACKSTOP STATEMENT WILL FULFILL THE REQUIREMENT AS REQUESTED BY THE CDN.) I WILL REPORT FURTHER ON THIS AS I GET DETAILS.APPARENTLY THIS WILL BE SUPPLIED TO THE CDN IN THE VERY NEAR FUTURE. IT WAS ALSO ANNOUNCED THAT IBI HAD ITS FIRST ORDER FOR FULFILLMENT BY THE END OF JANUARY, AND THE CUSTOMER IS NONE OTHER THAN "USAID". THE RIGHTS OFFERING WILL GENERATE APPROX 2.6 MILLION, AND THE EADB WILL FUND 1.8 TIMES THAT UP TO 4 MILLION.

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