I thought as a new member of Stockhouse that I would get in a word or two on the behind scene progress of Spur Ventures. I've been a shareholder for numerous years and make it a policy to contact the president or CEO's of organizations for answers. Last week I spoke to Mr. Rennie and he was kind enought to return my phone call almost immediately regarding the delays and behind the scene progress which is pretty exciting. With regards to the financing of this mega project Mr. Rennie has stated that Chinese Banks are committed to providing Spur Ventures with US$100,000,000 providing that the organziation obtains the minerial rights to the companys claims. The other $100,000,000 would be made by Spur Ventures by means of Equity Financing. Mr. Rennie felt that the merger between the involved parties would go through before year end. He then reflected on the possible share price that Spur Ventures would reach was in the $2-$3 per share. So, after the merger and the share price happens to be $4/share there would have to be an equity issuance of 25,000,000 shares.
If for some reason the merger fall through, Spur Ventures has $30,000,000 in the bank account that may be used for other joint ventures. Mr. Rennie mentioned to me that they are investigatint at the present time new ventures and has given the Chinese a deadline to reach. This has been a learing experience for both the organization and the shareholders and which will be useful in the future. I strongly believe the joint venture will go through and we will all have something to look forward to. Any comments are appreaciated,