Are you kidding me? This is EXCELLENT!
Knowing how their business model works and the current situation with The EXIM Bank financing and tax issues they are dealing with due to the new changes to the Cameroon Laws, makes it somewhat confusing, but it sure isn't CDNL's fault! Kevin, the CEO, has been diligently working through all the issues to get this resolved to begin work. I think he did an excellent job in bringing us up to date! Just because you can't understand it, you call it a pump document. WOW! REALLY? Too Funny!
The numbers are real and if you don't want to believe it that is your prerogative, but the FACT remains is that on May 5th, the new Supply Contract was signed and endorsed by CAMWATER and Cardinal Resources. On May 8th the Contract, Dossier, and the financing Term Sheet was formally transmitted to the capital for final action.
What's so hard to understand about that?
Cardinal Resources is providing each community a water utility including the source supply, the treatment, the storage of clean water, the distribution of the water and the means to collect fees for the water based on usage. With the addition of a mobile laboratory, service vehicles and spare parts, we are helping give CAMWATER the additional infrastructure to support the local community.
What don't you understand about that?
The Dossier process, which came into being after the signing of the original contract, is a tool that Cameroon is using to focus their funding resources to projects that are feasible, address environmental impacts associated with the project, are strong economically and provide a positive Cost-Benefit Balance. Originally completed for the communities in the original contract, it was adjusted for the new communities. As shown in the report, this contract delivers to the people of Cameroon:
• Social-economics benefits ranging from $27 million USD to $270 million.
• Benefits that exceed the costs by year 3, and continue to grow reaching over 8 times the costs by year 15.
• Potential GDP growth through improved economic efficiency and business growth.
• Immediate jobs in the implementation of the system.
• Long-term jobs for system operators, maintenance, and financial managers.
• On-going training and technical support in sustainable water systems.
• A transparent and manageable system for water payments and rate recovery management.
• Progress in meeting the Kyoto Protocol through the use of solar energy.
What don't you understand about that?
With the new commercial contract, accepted Dossier, and the acceptance of the terms for the 100% financing our next steps in the process are:
• Development of the definitive finance documents between the Mandated Bank and the Republic of Cameroon.
• Approval of the loan guarantees by the U.S. Export Import Bank.
As the exporter of record Cardinal Resources is involved in the process but the main activity is now between the Mandated Bank, MINEPAT, and the U.S. Export Import Bank.
In June, a Cardinal Resources team will return to Cameroon with the objectives of:
• Issuing RFPs to pre-qualified local subcontractors for site preparation and distribution installation
• Begin the process of registering Cardinal Resources of Cameroon
• Meeting with local community officials to determine the final locations for the treatment systems and preliminary distribution plans
• Meeting with CAMWATER, MINEE, and MINEPAT.
• Filing the contract with the Department of Public Works.
What don't you understand about that?
In regards to your two questions, I think it's extremely obvious that he is waiting for the final financing approval before issuing a formal PR or an 8k. This was just an update top bring shareholders up to speed on what has been happening and what is happening is very exciting for CDNL & it's shareholders! BTW the market is closed on Monday, so I don't know what carnage you expect then or on Tuesday when the market is open. I strongly believe, given this up date that CDNL is well positioned to get financing approval for the $9,417,615.00. Do you honestly think they would go through all this with all these agencies to pull off a pump and dump? Really? Wow! Unbelievable!
What do you mean, nothing of substance? This is about as straightforward as he could be about the situation with the Cameroon Project! What did you expect, a wheelbarrow full of gold being pushed by a leprechaun?
This could be very embarrassing for those who can't understand this!
Cheers!
