Hi, ChuckSimmo, it surprises me that spid81 was so keen to dismiss an audit on the plant and the economic impact that seawater deterioration may have...These cries of desperation are heard, but no answers seem to be available at this point...We have seen first hand the determination of motor when exposed to harmful elements...The question is are MRC motors operating with harmful elements...Imo seawater is pretty harmful...
Investors were promised a return to profitability after the last cash raise, which was well under-subscribed and a shortfall realised...The cash position is dire and evidenced by management with further dilution now required...Spid81 says he will vote against the dilution, but what other alternative do they have...
I truly believe the impact of using seawater has been an oversight. An audit would be in the best interest of all to determine a way forward and the impact of faster deterioration instead of using freshwater. It may have been evident for spid81 to say seawater was available, but at what cost? Hopefully, the $6.2 million has been spent wisely and maybe look into fresh water alternatives again...
