Ok Marley8, here is my recolection of proceedings. Please apply all the usual caveats. The main driver for the raising of cash, was to remove the onerous situation, whereby certain parties held preferential treatment in a worst case situation. ie, ordinary shareholders would run a distant second to parties, from which Wasabi had outstounding obligations to. That is not to suggest that management feared the winding up of the company or anything similar. In fact they were very upbeat. They just wanted to put both shareholders and other parties on an equal footing. Essentially, they were paying out, outstanding debt. The relocation to Melbourne was discussed. I understood that the main reason for this, was that it placed them closer to large shareholders. It seemed to me that these larger shareholders applied pressure on Wasabi to relocate. I querried them on the potential cash burn of such a move. Their response was that this was not an issue, due to them shareing both office space and and secriterial/admin costs with others. RUM was discussed as previously mentioned. Geothermal was discussed, in general terms, in regard to the Kalina process. IE, it was disappointing that Geothermal had spudded drill holes. But they made note that it wasn't Wasabi paying out all those big bucks to drill. Please understand, that the meeting was all done and dusted in about 30 minutes. They continued to impress that "exciting" times lay ahead for Wasabi. I came away feeling quite comfortable with proceedings, but on further reflection, I came to realize that I really didn't learn a lot that I didn't already know. But I wasn't particularly fearful for the company either. I too, like many others I am sure, have become somewhat jaded and disappointed with their performance and will look for an exit when the time is right. I bought solely after been given a "tip", by a broker that I have used for many years and have a lot of respect for. Perhaps I should have used a little more discretion. As mentioned at the start, please apply all the usual caveats.
GKP
WAS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
