Here's what I think/know...
They needed to rearrange things to get everything under one roof and give FLPC control of all aspects of the project. The complete acquisition of Group8 is necessary. Who will invest in FLPC when they didn't even have the majority stake in the company overseeing the mining (stockpile reserves) or the company who was going to be doing the milling (central Nevada processing)? We are in a much better position to go forward and we will get all the revenues from the whole process, not just 40.5% anymore. G8MI sold us their 9.5% first, and now they're working out the details for the other 50%.
Through G8MI, we have access to buyers, equipment, credit, and technology (possibly proprietary) that no other small mining company has. We will be first in market and the only ones than can profitably process ore from small mines throughout Nevada which gives us a significant advantage and could lead to a highly lucrative returns.
As I've been told, FLPC does not need to raise all the money, but they do need to raise some of it. G8MI would not get involved involved until the company was reorganized. Again, why would they dump more money into a company that only has half the action in the payoffs.
The whole thing is being consolidated and the company is to be run out of Reno. Bob wasn't an operations guy, Jimmy is.
As I understand it, through Jimmy's connections, they will have access to future investment once they have a proof of concept. Jimmy also does not seem to be afraid to through more of his own money into this.
There is a lot going on. Their operations team is small, only 4 people with more coming under contract. They have a lot of work to do. The wait is almost over and news will be out very soon. Jimmy is the right man for the job, he's the only one that has done this before and he is very determined to make money on his investment too.
Fencemaker is not likely going to be their first source of ore. There are existing mines that they can lease much more cost effectively. I doubt the mill will be in lovelock. My bet is reno.
