The silence is deafening...........:oops: From the proposed take...

The silence is deafening...........


From the proposed take over offer notice 1/2015 , and in Mikes own words (not mine)....


"Black Range Minerals Limited (ASX:BLR) (“Black Range” or “the Company”) is
pleased to advise it has entered into an agreement with Western Uranium
Corporation (“Western”), pursuant to which Western will offer to acquire all of
the issued shares of Black Range (“the Offer”). Under the Offer, Black Range
shareholders will receive 1 new Western share for every 750 Black Range
shares held."....................

"Black Range’s Board unanimously recommends the Offer to shareholders in the absence of a superior proposal, on
the basis that the Offer is considered to be the most compelling alternative available to Black Range shareholders at
the current time"........

This is the BEST deal your management could cobble together based on the outstanding drill results & permitting progress to date, plus the world breaking data portrayed & delivered from the ablation testing data.

Either you've been taken for a ride or are about to be......you can decide.

I think your path forward has already been decided.

How much money do you need to get to production & sales, is probably a good starting point.
For what its worth, BLR is in no position to go cap in hand to lenders, what can it offer as collateral? - An unpermitted mine, no contracts for ore, an unoperational machine?

Cash required to cover another 2 to 3 years before permitting (you can fill  in the blanks)
Admininstration ???
Legals for the greenie battles???
Legasl costs for Pugsley v Fettus v Lee Alter v the Ranchers v Tallahassess Commumity  V (probably 50 different Indian tribes)  et al  ?????
Legal costs for permitting.?????
Costs to get Ablation machine operation & a going concern (as opposed to operating in the theoretical world)????
Water rights????
Continuation of water data logging, air sampling, (probably want 18 months data plus)etc ?????
What did the BFS say (good luck in finding that)
SEIS or equivalent (still inthe ether), & any number of environmental impact studies...do you have sage grouse on your lands...hope not. The list goes on.
And then it gets to be all reviewed

This is why Uranium mining has such a long gestation period,  and a lot of the small less funded companies simply die a death from a death of a thousand cuts.

BLR will not be alone. Cash is the lifeblood for these companies, cut off from supply they wither & die.
A great article from the mercenary geologist  Micky Fulp talks about the zombie companies still continuing to operate, just not realising they are dead.


Option one - borrow the funds required & payback from projected income (have those contracts been forthcoming Buc from 18 months ago), as they would be your best bet for leverage, wait on you got that pesky permitting issue.Hmm higher risk view from the lenders?

Option two - cap in hand to the shareholders...Who would underwrite this. Imagine the premium. Currently at 0.002.....good selling point I suppose...a 50% discount to the current market price, cap raise at .001, unless you convince me YOU would pay a premium to raise capital tomorrow.

A quick shout out, which holder here today would NOW pay say 1c per share with a free oppy or two thown in (expiry say 2018).
How much cash do you need? ($50 - $80m) probably won't get you there. Lets raise $30m to get permitted -so 3B shares issued, dilutes your current value (IF you can raise funds at a 500% premium to market)..

Option Three - BUC to advise Mike & market they are wrong, because he says so & no amount of logical argument will attest to anything different

(NOTE - happy for you put in any other number of scenarios) - but you don't want to raise enough funds just to survive to just kick the can down the road, pitch a sale to the board how to solve their problems