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First Explorer at the "Ring of Fire" and presently drilling on the "BIG DADDY" Chromite/Pge's jv'd property...yet we were robbed
Message: Very Informative post from John
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Just had a great discussion with my SPQ contact...
The discussion was about 1.5 hours, and we went thru quite a number of topics, and I was able to ask many mwny questions, really hadt remendous responses/communications, some of which I would like to share with you all....
First, the so called 10 for 1 RS, since I believe it,s the moat important..We discussed this matter throughly, all the pros and cons, shareholder concernsm and values etc....I made numerous factual, reasonable, and passionate arguments, concerning the timing and extent of this RS, which carried on near the end of our conversations....
It was obvious to me, that Mr. Novak was listening intently, and asking serious questions of his own...The bottom line on this issue is that Mr. Novak and his BOD will reconsider this particular 10 for 1 RS, with a view to change it, or eliminate it for now....All the legal paper work will have to be redone, and resent, IF the BOD changes it's positiion...He asked that I call him back in a week or so, to further discuss this matter....I believe the BOD may be convinced to amend the RS, to perhaps only a 2 for 1 RS, which will accomplish all the BOD wanted, including raising the SPQ price, so that major investors will see SPQ price reflect the HUGE value for Big daddy deposit, while not diluting the shares very much at all, and still be attractive to the average new retail investors, so as to keep the 'fire' interest sparkling and alive....IF I say IF the BOD decides on this, we would have only 230 Million shares out, a very reasonable amount indeed, with our SPQ trading double what it is today...and IMCO well on it"s way to $1.......WE shalll see what the BOD finally decides...
Of course we discussed the upcoming NI-43-101, and he carefully explained the procedures, considering that this a 3 party JV etc...He did confirm that he is the one Geologist, who hired the firm to do the 43-101, and he must check said report, very thouroughly, to make sure it is correct, before sending it for approval and signatures by the other 2 parties, and then released...I specifically asked WHEN?...he responded, very soon, within a week or 10 days...
So that speaks for itself....
He was persistent in advising me of the importance of these HUGE Chromite Resources and their value, and he said they wanted to start a new phase for SPQ, and it's price to reflect initially, this HUGE Chromite deposit and it's value$$$...He did confirm that the Orebody , about half the size, to the Left of Big Daddy, is in fact an extension of Big Daddy...He also confirmed they are still working on a decision of KWG proposal to do a 'Scope Study"...he sees no real hurry here....
I also strenously mentiioned that those Nickel deposits must be a priority for Big Daddy and all ROF....He said that he is aware of it, but for this year, he is not the operator, and that decision will have to be made jointly with all 3 JV Partners agreeing, but it's looking good, siince KWG has given some hints of looking for these Ni deposits etc...
I came away with the impression that Mr. Novak is well in control, is certainly willing to listen to reg. SPQ holders, and is working in the best interests of SPQ and all their shareholders....
Good luck to all SPQ shareholders....
IMCO
JD*
First, the so called 10 for 1 RS, since I believe it,s the moat important..We discussed this matter throughly, all the pros and cons, shareholder concernsm and values etc....I made numerous factual, reasonable, and passionate arguments, concerning the timing and extent of this RS, which carried on near the end of our conversations....
It was obvious to me, that Mr. Novak was listening intently, and asking serious questions of his own...The bottom line on this issue is that Mr. Novak and his BOD will reconsider this particular 10 for 1 RS, with a view to change it, or eliminate it for now....All the legal paper work will have to be redone, and resent, IF the BOD changes it's positiion...He asked that I call him back in a week or so, to further discuss this matter....I believe the BOD may be convinced to amend the RS, to perhaps only a 2 for 1 RS, which will accomplish all the BOD wanted, including raising the SPQ price, so that major investors will see SPQ price reflect the HUGE value for Big daddy deposit, while not diluting the shares very much at all, and still be attractive to the average new retail investors, so as to keep the 'fire' interest sparkling and alive....IF I say IF the BOD decides on this, we would have only 230 Million shares out, a very reasonable amount indeed, with our SPQ trading double what it is today...and IMCO well on it"s way to $1.......WE shalll see what the BOD finally decides...
Of course we discussed the upcoming NI-43-101, and he carefully explained the procedures, considering that this a 3 party JV etc...He did confirm that he is the one Geologist, who hired the firm to do the 43-101, and he must check said report, very thouroughly, to make sure it is correct, before sending it for approval and signatures by the other 2 parties, and then released...I specifically asked WHEN?...he responded, very soon, within a week or 10 days...
So that speaks for itself....
He was persistent in advising me of the importance of these HUGE Chromite Resources and their value, and he said they wanted to start a new phase for SPQ, and it's price to reflect initially, this HUGE Chromite deposit and it's value$$$...He did confirm that the Orebody , about half the size, to the Left of Big Daddy, is in fact an extension of Big Daddy...He also confirmed they are still working on a decision of KWG proposal to do a 'Scope Study"...he sees no real hurry here....
I also strenously mentiioned that those Nickel deposits must be a priority for Big Daddy and all ROF....He said that he is aware of it, but for this year, he is not the operator, and that decision will have to be made jointly with all 3 JV Partners agreeing, but it's looking good, siince KWG has given some hints of looking for these Ni deposits etc...
I came away with the impression that Mr. Novak is well in control, is certainly willing to listen to reg. SPQ holders, and is working in the best interests of SPQ and all their shareholders....
Good luck to all SPQ shareholders....
IMCO
JD*
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