Thanks Pottermore Very informative post !

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RJM

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23/01/21

23:26

Post #: 50402583
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Originally posted by Pottermore: ↑

Whilst I hate to say it but .... the capital raise was absolutely essential.
The worst thing that NWE could do was to go into a drilling program that was going down 5000 metres and not have sufficient monies to pay our share.
To the boards credit they have placed the shares with "friends" of the company.
3C stumped up a lot of cash to back Shelly when we drilled Xanadu and they have stayed loyal and not dumped their shares.
MIN bought out the shares of Tamarind who got into financial difficulty. Tamarind were also a pain in the neck for Shelly when she was CEO of the company when they threatened to vote down the motions at one AGM when the Managing director withdrew from the election of being a director. Tamarind wanted to get their hands on NWE's exploration licenses for bugger all and when they were forced to offer their shares for sale I believe that Shelly would have approached CE to buy them to get them out of the equation because she would not have wanted to deal with them when planning the drilling program for 368.
Sundowner is David Kennedy's company. David was one of the founders of the Company and has backed it with his own cash by providing loans to the company and also in underwriting the issuing of shares in the past. He has not sold off any of his holdings in NWE to my knowledge. He also does not support any reconstruction of the shares while the company does not have good prospects going forward as he believes that this disadvantages small shareholders.
I think that they have done the right thing by us in the circumstances and they will be agitating for a drill slot to the fullest extent possible.
Good Luck everyone.

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Thanks Pottermore
Very informative post !

NWE Price at posting: 0.8¢ Sentiment: Buy Disclosure: Held
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