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Krysti

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Krysti

Re: Dave68723 post# 14840

Saturday, 06/16/2012 5:38:50 PM

Saturday, June 16, 2012 5:38:50 PM

Post# of 38473
Whiteburg's 60% owner has no money, Dave.
The 60% owner is JLP & Partners.
In March 2011 that company issued a private placement to raise $6.6m from investors. That private placement failed.

UBRG got 40% for $2.5m. But $2m of that is to be delivered in shares.

There is no way that JLP & Partners could fund the Whitesburg operation. That is why production could not start until cash had been received from Rainco (on behalf of UBRG).

Bottom line: JLP & Partners could not carry the start-up costs, and they did not do so.
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