Goldbelt Resources (GDB.V) - anyone follow this ? Message Board

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Gold/Mining/Energy : Goldbelt Resources (GDB.V) - anyone follow this ?

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To: brian krause who wrote (33)	12/11/1998 2:00:00 AM
From: John Sladek	Read Replies (1) of 44

Wow, we've gone from being a mining exploration company with properties in Khazakhstan to being an oil company with properties in the Ukraine! Instead of a recapitalization, we get a reverse takeover. A couple of the GDB guys get to keep their jobs, so I guess they are happy. We wind up with 20% of the company. THen we get diluted like crazy when they go to the market for the $ that they need to develop the properties. An initial capital requirement of approximately US$30,000,000 is planned to be financed by equity. Subsequent funding will be partially by debt but primarily from internal cash flow. Despite a total capital requirement of US$233,512,000 McDaniel's project valuation indicates that a maximum cash requirement of US$47,500,000 is needed through to 2000 before the gas condensate plant is operational. It is believed that subsequent capital requirements can be funded from the project's production revenue. Regards, John Sladek

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