Badge792, it is in Public Record in BC.
I am surprised you did not know that:
Agreement was reached with Red Kite for a $140 million loan to developed our assets and complete construction contracts. During that process Inmet tried their Hostile Takeover. When the loan was finalized with Red Kite, Inmet filed an objection with the British Colombia Supreme Court. Their position was that the finalized loan put them at a disadvantage to takeover the company and would close during the open period.
Both Inmet and Petaquilla filed briefs, and made various motions. Hearings were held. The BCSC blocked PTQ from closing and receiving the money. Several weeks thereafter they issued a written opinion that is also on record. Basically they ruled that PTQ receiving the money would make Inmets efforts moot and PTQ's much higher value would put Inmet at a disadvantage. Because of this ruling by the BCSC the loan could not be completed.
If you truthfully are asking about Red Kite, you can go to the public record in Vancouver and get all of the specifics. The hearings were done in public and nothing was sealed. You can review all of the documents if you wish. Inmet was bound and determined to crush PTQ. They won that battle, but lost the war being defeated seven straight times in Panamanian Courts over other issues.
Those who claim otherwise, or say nothing was ever heard, are just lying or were too lazy to follow the matter, that was widely known and done in the light of day in the courts. Some of our larger stockholders and analysts followed the proceeding very closely. The damage the BCSC did to the development of PTQ was the first major battle of this long war that has now concluded. Inmet is gone, and PTQ has survived, although it was greatly damaged.
We are now up 50% from our low in Germany and 37% in Canada. There will be plenty of good news and lots of details to review on May 15th. Maybe a PR before, but I have never liked PR's and always felt the company should only disclose things in accordance with their legal obligations. The next is the quarterly filing. Those who need to know are pro-active and do know...the rest don't matter and it not necessary to spend money communicating with them.
Hope this helps you to understand what happen with Red Kite. If you need more information there are several thousand pages in the public record that explain it in great detail. Anyone else who actually wants to know the facts can find it all right there in the Public Record. However, it is moot and has nothing to do with the future of PTQ, and Inmet no longer exists.
Saludos,
