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Tuesday, July 14, 2015 10:16:47 AM
And I'm not denying that Carlo certainly could have bought his 5% from TGC first and then included us the sakhai/acor purchase...even just 25% of it....TGC could have put up $500k and gotten 6.25% additional working interest...BUT HE didn't, he wasn't willing to make that deal. Then again, TGC didin't own any of that 25% interest previously...and they don;t own any now.
For those who think that TGC was in a position to drill immediately on 444 after the $3,740,000 dry hole on 112, I urge you to go spend some time looking on SEDAR (http://www.sedar.com) and look up the MD&A reports.
As for the company's cash position on 1/31/2014, the balance of the drilling funds was $178,763...not enough for 1 more well, much less a 4-5 well program. There were no financings completed for the 6 mths ending 1/31/2014.
Yes, again, Carlo could have bought his 5.16% interest in 2014 so as to give us cash to be in a position to share some of the 25% sakhai/acor purchase, but he didn't.
But he did buy the 5.16% interest from TGC in Feb 2015. That along with cancelling the 2012 FIA, put TGC in a position to participate in a multi well program. Let's hope HENC will come up with their money for drilling. Remember, we have the tchauncy guarantee it'll happen! Please be right!
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