Hi all Nikec here, I am also very much disappointed with the...

Hi all

Nikec here,

I am also very much disappointed with the offer at hand and will be voting against it..

However i think we could make a compromise.

TGS could sell 50% of the entire venture for 125mil USD + 5mil debt replacement + 10mil royalties, (Call it 140mil USD)

The money could then be spent as follows:
20mil USD could go towards funding a 50:50 joint venture for a cobalt plant.
10mil USD could go towards funding the mining at kippoi
110mil USD would go towards reducing the debt from 210mil to 100mil USD.

We have 100mil debt, 50% of copper plant and 50% of cobalt plant.. To me that is a much much better outcome for all.

In a year or so we can even do a CR to reduce debt further.

Debt holders are happy as they receive most of their cash back, management keep their jobs and we still have a mine, in fact we just tapped into cobalt production  as well. We should be pressuring management to push this offer instead of the one they gave us.

Regards.