Hi Monogram 1962 and all,
You raise a fair point into the regard of the Australian invertors I’m not sure if they take their lead from their elected government or not but they don’t have a good history for supporting local companies or new ideas.
However; having said that it should be noted what I said earlier as it would appear the first tranche of money from Magna will be taking place as I write at a 20% (Plus 4%) discount to the current price of $0.011. That being 8.8 (technically less Re: 4%) of one cent and below the well and truly oversubscribed last (Australian) offer of 0.9 of one cent. In light of the (Australian Investors) exploration money recently being spent and the current information and the knowledge that the gold extends below the surface rocks at Chanach (4M 23.8g/t Au) I wonder if the management have failed to capitalise on their apparent position of strength. (I guess time will tell.)
Whilst I can see little point in complaining about what is now effectively a fait accompli I would implore the management to be more diligent as stewards of our shareholders funds and potential company value.
I have also made it my business to research our new financial backer and it would appear that they at least take a longer term view than many of the US venture capital boys who as we know can be vultures by nature.
http://mag.na/
Also I know that certain similar groups within Australia are all smiles when offering financial assistance but would take your eyes out in the details of the deal. I guess a lot will depend on the strength of the current WCN management and their ability to ensure that: “The competitively priced funding facility” is used judiciously and to increase general shareholder value.
The drilling results have been very encouraging to date let’s just hope that before the next 45 days elapse we have more good news, a confirmed a commercial viable mineable resource would be useful to say the least.
For the record please note I currently hold 89,300,000 (19.88%) of the current shares on hand. One would hope that my commitment to the management and this company so far to date was at least of some value and appreciation.
The Magna group has already proved beyond any doubt to be excellent managers and negotiators perhaps in the future with the help of our new partners WCN may make the transition to Gold producer, that being the case owning 5% of a producer may prove to be better than 20% of a rock chipping outfit!
Good luck to all current holders and a warm welcome to Mr Joshua Sason Magna CEO and his team.
Cheers and very best regards: Andy
