boppy, thank you for providing such an in-depth overview of the EGM. I'm sure I speak for everyone on this forum when I say that your efforts to travel to the meeting and keep HotCopperites updated are deeply appreciated.
To my thinking, there are a lot of positives that have come out of this meeting. Most notably, it would seem that Rockist's concerns regarding the offtake price have been firmly answered. US$120/MWh is a guaranteed offtake price. This means that we can have confidence in our valuations of the project.
Obviously, the final 10% of project funding is turning out to be a major hurdle. I am disappointed that this wasn't sorted out during the winter months as we could have mobilised SKM, Alstom and relevant contractors for the summer months. Even if we get the $30m funding through the CIFI raising, it looks to me as though the project will have lost a whole summer season.
As for the issue of Australian investor support, I'm with Ray Shaw on this. The level of senior finance that Torey has brokered is significant. It says a whole lot about the quality of the project. The fact that a company like GDY received huge wads of cash to advance an uncertain developing technology whereas companies like EHR and PAX (with plans to capitalise on high quality resources using mature off the shelf technology) get dribblings from a handful of so called sophisticated investors, is dreadfully unfair and makes very little sense to me.
We need a champion to buy up stock on market in a big way. This would bring some positive focus back to the company from retail investors who may begin to believe in the EHR story. Of course, it looks like everybody just wants to sit on their hands and wait for CIFI to pull through.
EHR Price at posting:
0.5¢ Sentiment: LT Buy Disclosure: Held
