Seals, many thanks for that. Yes, I now see the word for "auction" is used many times in the article. That ties in with us having to bid for project again to get the agreements re-instated? IMO, it is really bad news: we are running out of cash and we have to buy back the agreements against stiff competition at a time when the zinc price is multiples of what it was when we orginally bought into the project. And worse still with no money to buy anything back we have to suffer more dilution. Also one of the arguments for going to arbitration has been holed by Mr Harati Nik's promotion to Deputy Minister of Mines and Industry (the company can't say he was the wrong person/organisation to cancel the agreements anymore?) I just hope the Board announces on Monday they are going to arbitration otherwise their credibility will be diminished IMV given we have already passed multiple target dates to get the agreements re-instated and to get the exploitation licence transferred to MZC.
I have previously sent press releases from IMPASCO in Farsi (the stuff I've posted links to here in the past) and it seems like it is all news to them. They perhaps don't pay attention to the press in Farsi unless it is brought to their attention?
The shares deserve to go down to 1 cent or less on an arbitration announcement (because of the dilution and because of the protracted nature of such a procedure?) or on the announcement we will participate in a tender to re-purchase the agreeements (an admission we have no good case for going to arbitration?). No wonder the directors aren't buying the shares, and now I see why Rob Murdoch has been offloading. Dark times ahead then.
UCL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
