Spoke to David Constable yesterday. . .
I asked him why the loan with IMC was extended for so long (1 year). He said that IMC wanted it that way as an "assurance of exclusivity". They wanted to make sure that Wof was not going to talk to anyone else.
He said that the reason the deal is not yet done is because of the bank, they require additional engineering drawings as part of their DD which Wof is working diligently to produce and give to them.
I asked him how long from the day the financing is in place it will take for the mine to be producing. He said 15 - 16 months.
He said a new CEO should be announced within the next 7 - 10 days.
He said that the additional 5Mil from IMC does not cancel out the debentures. He confirmed the debentures are "still in play" . Specifically, he said the 5Mil loan and the debentures are two separate things.