Replies to post #19314 on Empire Energy Corporation Intl. (fka EEGC)

[EarnestDD]

Oct 26 EEGC announced they expected financing in two weeks.
That would have meant financing on or before Nov. 9.
It is now FOUR weeks past that date.
hmmm ... Was Financing a BUST?
jmo

Empire’s Board of Directors has commenced a rigorous travel schedule to initiate preparation for the establishment of the Company’s $180 million structured finance facility. Meetings led by Empire’s new Chairman, David Villarreal Jr., have already transpired in Pasadena, California and two additional meetings have been scheduled in both Toronto, Canada and New York City this week. These meetings will allow Empire’s Directors to conference with related parties in finalizing the terms and conditions of the financing and organizing for its disbursement.

Empire’s Chairman, CEO and two additional Directors intend to travel to Saudi Arabia, Qatar and the United Arab Emirates within the next two weeks for a series of meetings with potential joint venture partners. The Company anticipates authorization for an initial $20 million line of credit to complete the conditions precedent to the $180 million structured finance facility and recommence mobilization of the drilling rig within the next fourteen days.

[EarnestDD]

Gosh ... I thought the Rights Offering was going to clean up the EEGC Balance Sheet.

Liabilities have actually INCREASED since June 30 and EEGC is more Insolvent than ever.

Malcolm sold investors some rotten fish with his stories of using the Line of Credit to drill.
jmo