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Friday, June 21, 2019 5:10:09 AM
Jim,
it’s now been more than a year since we have been told that project financing is "moving forward on multiple tracks", that there is "competitive tension" between potential investors and that a deal was "imminent".
I must say that after all these months (years really!) it’s getting more and more difficult to trust in these lip services. IMHO, it’s now evident that the financing efforts, which led to the above quoted optimistic remarks by management, obviously didn't go anywhere. It's open to speculation why that was the case. The fact that you are not informing shareholders on where we are standing does not help to put an end to these speculations. It may have been that potential investors were deterred by the uncertainty of a future scandium market; it may have been that Mr Smith turned them away in the hope of a better offer with less dilution. It may also be that there never was any genuine interest in financing the 1 billion dollar project in the first place.
Be that as it may, I want to make it clear that it is high time to be honest with your shareholders and provide us with a real, substantial update on where we are standing with regard to financing. If management is not able to secure an acceptable financing deal very very soon, i.e. before yet another PP becomes necessary in July/August, they owe the owners (shareholders) a fair and open discussion and a real choice whether to sell the company to a third party that can finance the project. I find it hard to believe that a buyer cannot be found.
Best
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