is it time to act yet, page-60

jack, don't stop posting now.

anyway had some emails from Smyth

he says Pensador is still funding the refinery, and also on the BRR that just cost us another $10k

Now I asked him
he says the refinery will be in CVI's name rather than Pensador, and will cost $320 mill, most of this will comew from debt finance, which is being negotiated, details will be released later.

Now all of us here took this as Pensador will not fund it and it will come from debt fiance, as the announcement says,
now he says nothing has changed, Pensador will fund it as before and it will only be in CVI's name, well we didn't know who's name it would be in before,

so what was the point of the announcement in the first place, was it just to confuse us or did he then change his mind after he started getting e-mails.

either way he would have to be the worst I have ever seen at explaining to the market what is going on.

And after all this time with Pensador, and giving them $12 mill of OUR money it is still being negotiated.

I doubt it.

And jack's call on Smyth being a liar was challenged.

So let me tell you this, and this is important.

On the weeks leading up to 22nd July many shareholders were told by Smyth there was an announcement coming on the 40% stake in Falcon.

Then a shareholder heard it was being held back for 3 weeks, and asked Smyth about this.
His response was "The agreement is signed and the text of the announcement approved"
and "3 weeks of frustration would kill me : I hope it is more like 3 days"
note this was the 22nd July.

he is questioned by the ASX and they on the 4th Aug say

nothing has been signed by Cityview as yet, however we understand it is very close to signing off on the deal. The Company is dealing with 4 different production blocks

4th Aug that is.

on the 5th Aug he says he cannot release anything

"Because of their confidentiality claue

CityView has no right to intervene"

when asked then how do we know it has been signed he says on the same day he says

"I was present as an observer when everything was signed"

now this was in Lisbon some time ago, so do not question jack's claim.

he has obviously spread rumours, so maybe some can trade at our expense,
I strongly believe, as do others, that releases were ready to go when the word was out, but he pulled them, yes them.

I still say Pensador is stalling in order to keep CVI sp low, Smyth is keen on doing the merger/reverse takeover before any drilling or production is done.

the lower the CVI price the more CVI pensador will take, therefore the less we will own, and the less of the copper mine we will own, and therefore the less our holding in it will be worth.

Without them it is 45 to 73 cents.
with them taking say 90% our holding will only be 4.5 to 7.3 cents, or thereabouts.

Now we will then have access to funding but what will thgat be worth to us, we don't know cause he will give us no details.

BUT it is stupid for him to consider the take over before any drilling or price adding is done.

UNLESS of course you are part of Pensador, I asked him if he had any financial interest in Pensador, didn't get an answer to that.