Buc, you are so off the mark....... By the way cudos on a nice attempt at a deflection from the point that is being discussed
.Besides it not about me, its about BLR continuing to trade in its own right.
Grant has got it right about the duty of disclose. Why and why now & not 6 to 12 months ago.
You guys should be livid and united about this sort of matter NOW making it to the headlines…was this even an ASX announcement, obviously not high on the companies agenda, or are they bound by a duty of disclosure to keep ALL shareholders informed?
Mike can say hand on heart we tried our best, shrug his shoulders and sigh, it is what it is, we were a victim of circumstance and poor timing.
Nothing I could had done.. yada yada yada……
That is rubbish and should be called, management are responsible for EVERYTHING and they are paid royally for the priveledge to represent a company.
The board recommendation say a lot
Board Recommendation
Black Range’s Board unanimously recommend that shareholders approve the Scheme in the absence of a superior proposal, on the basis that the Offer is considered to be the most compelling alternative available to Black Range shareholders at the current time, in terms of creating future value for shareholders. In particular:
the Offer will provide Black Range shareholders with the opportunity to become part of a larger uranium company, which offers short term production opportunities and the potential to accelerate the commercialisation of its interest in the Ablation technology via a field trial at the Sunday Mine Complex;
the combined entity would control a more diversified asset base, including a combined uranium mineral resource base of >95 million pounds of U3O8 across 9 projects;
Western’s management team has considerable experience in the uranium industry, and includes George Glasier who was the founder of Energy Fuels Inc. and served as its CEO from 2006 – 2010; and
Western’s access to further financial backing should provide a higher level of funding certainty in the current difficult market environment.
BUC, so what is your mission statement and call to arms? Because you say so? Now is the time for that superior proposal.
Your CEO says it is the best thing, (Alex not standing in the way it seems), Western having access to funding(takes away the going concern issue) that BLR management obviously recognise is not going to happen in this environment due to lack to either BLR management inadequacies to stitch together a competitive deal or difficult market environment not being receiptive to junior U mining requiring capital to continue.
Had the $450k loan not be in place, where would BLR be today? Cash at end of quarter $91,000..Loan facilities $450k (Amount used $430k).
Would be in the hands of administrators today, and then you would then have something to cry about. ½ of 5/8 of nothing is worse than what you are about to receive (have suffered this & not a pretty end for sharholders as at the bottom of the pile)
Estimated cashflow out next quarter $160k, cash in bank $91k (plus $20k to draw)…
Takeover better happen or how do you pay the interest and then have no cash to pay current liabilities at end of next quarter (isn’t the $450k facility redeemable if takeover is not successful?)
If you have a business plan, now would be good to hear it ( email it to Mike first) for vetting.
Western have without doubt thrown BLR a life line to stay solvent until the take over is enforced, as obviously they see value in it for them (and BLR shareholders that make the transition have a ticket for the ride) . Fair or not, that point is irrelevant and moot, this is business, BLR lost.
Where in that announcement (thanks again slick) is there an indication that water issues have been approved?
BLR don't even have the money to put up the bond increase, if BLR in intending to meet its current liabilities first for next quarter.
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Here Buc is another post from 7/3/14 post 10250349
Here's an insight to the delays in attaining NRC permitting within Powertechs soon to be renamed pending approval "Azarga Uranium" Dewey-Burdock Uranium Project.
Seems the permitting guidance from the NRC has been a major issue, BUT it does seem that the permitting process has been simplified with a new Question & Answer format of processing.
IMO: This can only assist an easier permitting road for Black Range Minerals, in regards to attaining all relevant NRC permits over the coming 12-18 Months
That would put us about now in the timeline - How could things fall so badly off the rails?????
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