Status Update as at April 25, 2019

[seabedmining]

The Monitor has received formal requests for an extension of time from Potential Bidders in order to complete further due diligence and site visits in Australia. In order to coordinate same, the Monitor has extended the letter of intent (“LOI”) Deadline to May 21, 2019 at 5:00 p.m. Pacific Time (the "Modified LOI Deadline").  An Addendum to the SISP is available on this website clicking the "SISP" tab above. 

It is the Monitor's expectation that Potential Bidders submitting an LOI by the Modified LOI Deadline will have substantively completed a greater degree of due diligence and will be prepared to move forward with negotiating and finalizing a transaction or transactions by the previously anticipated Restructuring Deadline of 5:00 p.m. Pacific Time, June 21, 2019.

[didgi69]

So what does it all mean little vague ,is it good news or bad ?

[sycamoresouth]

I'm thinking at least one group is looking at buying it.  If so maybe we'll get a payoff in the end.  fingers and toes crossed.

[didgi69]

cant we share holders stay with the new company if we are bought out

[KingKongFong]

I swear to god if we get bought out for pennies on the pennies by a re-wrapped Metallo/MB JV to privatize, I am going to cry. That has been my doomsday scenario for years, but never really thought they would be that dickish.

[LongNautilus]

I think it's either due diligence for a buy out or a joint venture. Why do a site visit in Australia - what's there exactly? Good news is that there's multiple parties in the process. I choose to believe its JV based and that we'll survive. MB and Metallo could have taken over a long time ago and not have gone through all of this bs. This could be good for us.