no said there was a requirement to fund and build two new rigs by March.
You have to fund before you build.
Ask the CEO or chairman about the IP licence conditions and when funding has to be committed by and whether the company has to build two new rigs next year. I think there may be some confusion as to whether it is March or May. I was told by the Licensor March and May by the CEO. perhaps they can get away with not building one by buying a rig already completed? Can't see that working so even if we assume that WS accepts a few months delay (doubt it) we would still need funds by June. Unless of course the company and WS come to an agreement like they did last time when the IP licence agreement wasn't met.
The issue however is proving the rig up at Whicher. If that happens then I can't see an issue. If things go well at Newcrest I think they also will be looking to get more drilling done. The problem is that we will need to have funding sorted possibly before Whicher is completed (or do a deal with WS) that allows some wiggle room.
So yes...we have a funding and cash issue by March'ish nest year. If Whicher and Newcrest go well and I don't think we will make any money from them, but if they go well, then we may have some companies wanting to fund a rig or two to get some preferential treatment. AWT (Whicher) have a lot of drilling to do and if we can prove up a GEO hole by mid next year then the avalanche may start.
I haven't heard anymore about the CLRS and how the testing onsite went before the rig went off to Newcrest. Did anyone hear?
If we are employing someone to sell its use and benefits we can only assume all the bugs are ironed out and it is all sytems go so if/when we get some contract news on that front we may also be able to forward estimate some revenue.
Don't take my word for anything though...ask the people in charge. Both Matt and Bernie are pretty approachable.
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