notes from egm

This was the most valuable post pulled from a thread last night because the subject line was deemed not appropriate!
Taken from Looking2retire on Top $tocks, who attended the EGM along with some of our HC'erites...

Notes are the same as Phil and Summertimes, but worth reprinting to show where we're at.
Thursday - one week to November!!

Greetings fellow CVI holders!

1) As per the results ann today - all resolutions were passed. The purpose of Resolution 1 (issue of 50,000,000 shares) is purely so that a capital raising is available should the need arise although there is no requirement at the moment but could be within the next 3 months. Mark confirmed that he had received 2 offers from institutions (no names) but he declined both until CVI had a higher SP.

2) Angola Project. The Longonjo project is positioned adjacent to existing infrastructure (airport and railway to port). The drill rig should be arriving in the next couple of days with drilling over the next 3 months aiming for a target depth of 150 meters. Mark recently had a call from a Dutch investor who wants to invest purely because of the Cu potential. In his words, Longonjo is becoming more of a 'safe bet' as time passes. CVI started with 1 geologist and now have interest from another 5 as they like to be involved in major finds. CVI was offered a lease in Cabinda (near ROC) however Mark believed was too expensive and so turned it down. CVI has been given the nod for up to 7 leases with announcements expected around December as to whether they are successful. BHP apparently have an office set up near the Catabola project and are watching CVI closely and Mark believes if they are successful then he expects BHP to make an offer too good to refuse, possibly in around 12 months time.

3) Cameroon. The border of Cameroon has apparently only been ratified by the UN last year and CVI are hoping to get a 1000 sqkm lease in the Niger Delta which until now has only 1 lease in place. A UK company, Bowleven, apparently listed based purely on this one lease and now has a market cap of $500 m with the SP about 70p from what Mark could recall. CVI is hoping to get the adjacent lease to them. If granted, Mark believes that it will be a real money maker and said that we would all be driving around in Ferrari's! lol. He heads to the UK next week and will be there for about a month working on negotiations.

4) Other. The company lawyer is working on the Loyalty Options prospectus as I type and they are hoping to have it finished in about 10 days. Mark is hoping for the following but he said it may be a week or two later. Prospectus in 10 days, Record date 10 November, Issue date end of November. Realistically, he advised would be more along the lines of Record date mid November with Issue first week of December.

In regards to the questions you had, Mark believes we could see US $6 SP if just one of the projects are successful so I guess you could infer that US $12 if both come to fruition. He would like to see the $500 million market cap within the next 12 months based on the success of Bowleven.

He has been asked to do a Boardroom radio interview for a New York radio station tonight but didn't mention the name. He hasn't done any selling of CVI in the US as yet but has plans to once the company hits $1 apparently due to their broker's being 'lazy' and not wanting to know about any company trading at less than $1.

CVI has ticked all the boxes to be listed in Dubai with the exception of maintaining a US $75 million market cap over a period of weeks. Once this is achieved, will be listed.

I think that pretty much covers things now excuse me while I fire up Commsec and grab some more of these guys!