Originally posted by Croc-file
Hi 42Trader DD for Silk Road Funding would never had started until application was submitted and that wasn't until after the mining license was received....
Are You reinforcing the belief that Proper DD was not done in the first place?No plan B and at the mercy of Silk Road Funding....
This is what happens when DD is not done and why the tables have turned on management...Pushing back on a White Knight at this time will only dig a larger hole if not resolved shortly....
Croc
Never said there IS no plan B, but have said I hope there is one and should be one if management are covering all possibilities.
WKT are at the mercy of Silk Road as far as time goes not as far as funding goes, remember plan B. I do feel Silk Road is the preferred option and they will wait on an answer.
Full DD would not have started for Silk Road in my assessment from my experience over the years watching stocks. It’s analogues to your house loan if I may say so, simplistic I know but for what it’s worth. First you ring a bank and say, hey I want a loan to build a house, need 800k, the Bank has a quick look at your account and says Ok it’s possible and you get pre approval. It’s not until you do the paper work that they get to the fine detail and ask how many kids you have, how many cars, how much does food cost, existing loans, do a risk assessment on you, credit checks and so on. Then they have to send it all to head office for yet someone else’s to sign it off or reject it. Full DD is far more in-depth and far more stringent and not worth while undertaking until the requirements needed to complete the application for funding and ability to provide all required documentation to be submitted. Is any of this a bad thing, not at all, it just means time to get it all done.
You made the point Croc that maybe the right person with experience in attaining funding is not on board so perhaps Management themselves believed they were further advanced in funding than they were in reality. Harsh lesson to learn if that’s the case.
Maybe Management were told Silk Road funding approval after application is submitted is typically 8 weeks but that was a bureaucratic nonsense generalisation and it will take a crap load longer.
Without any further intel, news or otherwise we can only speculate drawing upon previous experience in this messy game called gambling/spec stocks.
A short update would put to rest all this conjecture. In my head “WKT would like to announce that funding talks are ongoing and awaiting (inset reason here) before final overall funding mix and options can be put in place” but such an Ann is a double edged sword. Firstly we know why the delay, good, secondly there’s a delay, not good.
It appears further security is now required at this stage and with the issue of a mining license should have been ready to go at the press of a button.
(20min delay)