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you may want to read the press release.
krom - the warrants are for the new, post-split shares so not exactly a great valuation.
How is it perfect timing? there will be a reverse split and warrants issued... the value of this is pretty hard to determine. Looking at the price of the warrants...the value isn't great. Way too many unknowns right now to say this is good (or bad).
Exile to buy oil interests in Niger Delta, JDZ and EEZ from Oando
edit: In exchange for 100mm POST-CONSOLIDATED shares... interesting since we just bought alot of shares.
Concurrently with the Acquisition and as a condition precedent to completion
of the Acquisition ("Completion"), Exile intends to, by way of plan of
arrangement (the "Plan of Arrangement") and subject to receipt of all
necessary approvals, change its name and effect a consolidation of its
outstanding Shares on a basis such that the current shareholders of Exile
shall receive in exchange for each 20 Shares currently held: (i) one post-
consolidation Share; and (ii) two share purchase warrants of Exile one of
which will be exercisable for one Share at a price of US$3.00 per Share for
a period of 12 months; and the second of which will be exercisable for one
Share at a price of US$4.00 per Share for a period of 24 months. The
parties have agreed that they may, subject to market conditions, complete a
financing on or prior to Completion pursuant to which purchasers will, in
effect, receive up to 20,000,000 Shares at a price of US$3.00 per Share for
aggregate proceeds of up to US$60 million (the "Financing", and together
with the Acquisition, the Plan of Arrangement and related transactions, the
"Restructuring").
Again I believe all this frenzied activity will be climaxed by the sale of the company in the not too distant future.
I see it as just the opposite.
2010 for sure
yep - trust in MB posters who have secret sources and "well-placed" rumors. They are always right. ERHC will be bought out before year-end for sure this year.
don't mind that the story always changes...
first it was a buyout pre-JDZ drilling.
then...buyout during JDZ drilling
then...buyout post JDZ drilling
then...ERHC's potential growth plan is not gonna happen because they will be bought out
then...ERHC's potential growth plan is just a bluff to show the chinese they can't be bought out for cheap and mean business
now.... ERHC is attempting to grow but that is just because they want to make themselves more attractive for a buyout
next? Who knows... but I look forward to newest change in tune when ERHC once again is not bought out
badog - there are few certainties in life...those being:
death
taxes
ERHC will be bought out before year-end
He said last year it would be before 12/31/10 and "they" have been saying the same thing for about 7 years now.
but krom - it's ONLY the work of ONE person's magic "DD"...no agenda at all so we should definitely listen :)
if it's only "you" as you claim, then where did the NSAI doubling numbers come from?
HP - I'm just here still waiting for my 5 presents that never came. Did you ever get any? And I have a freezer full of crow that I am just dying to eat.
sometimes it is wise to take one's own advice.
Well I just saw a pig fly by the window because I agree with you almost 100% (with the exception of the last sentence...there is no way of knowing the value on this until alot more details are revealed...of course you could still be right in the end about it but as of now, I don't see how any value can be extrapolated until financing, details etc are revealed)
The NSAI "double" is one of the better one's I have heard around here in awhile.
look at the volume and SP of ERI right before we found out we bought our initial stake. It looks like ERHC was responsible for running the price up into the .20s and I am willing to bet our cost basis is much higher than the current SP. Could be wrong but you can see some large volume/SP spikes.
Let's hope they don't but this stock will not move significantly up until there is clarity on how all this is being paid for. The overhang of the shelf will weigh on any new buyers until we get answers.
so you didn't have another alias before your born date or have associations with some of the other "buyout" crews? Funny because you sure seemed to know alot about many of the posters and their history WELL before your "born date"... just sayin:)
curious to know your thoughts on the Chad deal...TIA
i agree - a big hit in block 1 will send us flying.
That was the most definitive I have ever heard DK re: the JDZ wells. In prior correspondence (including my own personal correspondence), he always seemed evasive in his answers. interesting.
LOL seek!
lol - talk about missing point. Rome wasn't built in a day.
(par for the course)
PS still waiting on that buyout that is due "soon"...you know the one where they will pay billions for a company valued in millions.
According to some on here, our complaining doesnt do anything and is like butting up against a wall. There is no doubt in my mind that some of us who take the time to email the company and point out the shortfalls of this company/management are having an effect. Surely, this increased communication is just a coincidence :)
if you keep throwing "stuff" at the wall, eventually it will stick. One day your buyout may happen, seek....one day.
(broken clock)
the ignore feature works great. complaining about having to read other people's message on a MESSAGE board is like repeatedly slamming your head against the wall and complaining how much it hurts. You have the power in your hands to change all of this Kobi!
so you don't think alot of us that were unhappy and expressed it to management had anything to do with the company doing this shareholder chat that you thoroughly enjoyed? It was just a coincidence that they appear to be turning over a new leaf? interesting.
also, do you ever get sick of posting the same post on a regular basis about the posters who complain?
Sneak - if I am not mistaken, you were once apart of that group with folks like AA, amj, BB, seek etc. what caused you to change your tune?
Question for the "buyout anyday now" crowd:
for those that felt a buyout was imminent and this growth strategy was just a ruse to "trick" the Chinese or whoever the buyer of the month was, what are your thoughts now? (not rhetorical)
I generally agree with you but would really like to get the meat and potatoes of this Chad deal sooner rather than later. And I applaud the effort to be more proactive in communicating with the shareholders. Hopefully PN saw all the questions (i know I submitted at least 5)
My biggest concern yesterday was that the CEO of a public company stated (on several occasions) that he wasn't concerned with the cash position and burn rate of the company because they survived before near bankruptcy (of course he didnt mention the ridiculous deal SEO did to keep the company afloat). That to me is absolutely shocking and scary coming from a CEO.
It's like saying "hey I was broke before but I didn't actually die so I am not concerned with going broke again."
TT = tamtam (as in your alias)
TT - those are percentage moves off of all time lows. Not exactly impressive. Now if we keep doing that often than I'll be impressed. The sad part is that this sp has been run so far into the ground that people will be popping champagne around when we hit a whopping .20. Wake me up when a 50% move isn't 8 cents. Market psychology really is fascinating.
so don't lie to us then and tell us the truth. the "long and rich" history line is PURE bs... i think even you know that bob.
and I believe you and few others on this board would kiss pn's feet as he continually kicked you in mouth. Look at the SP...i think most are not happy with how things have been run. Hopefully we get some more clarity soon otherwise we will head back down.
be aware of "plants" as well in this type of format.
hope these questions will be answered tonight..
great to hear PSC's are done....now, how do we pay for this?!
thanks MT
you need to get a better bid/ask website/service. your bid/asks are never accurate.
another doozy! keep em coming!
yep - not too much meat on that bone though kudos to management for actually getting something done for the first time in 4 years or so...please, please tell us exactly how this is going to be paid for?