Here are some facts and impressions from this morning's AGM with MagIndustries...

Overall, I was impressed with the presentations and the information. I admittedly went in with fairly low expectations but, nonetheless, I left the meeting in a far better mood than when I went in.

I wont' rehash all the facts we already know. The items below are new or refreshed pieces of information that should be of interest (in no particular order):

- Moustapha is leaving the Board to work on the Strategic Alliance Committee with Stephane (a more 'feet on the ground' role)
- the previously posted month-by-month framework was displayed at the meeting so we now know it's legit (it's been posted on this board a couple of times)
- Rich is heading up a Mag team which is heading to China next week to get into nitty-gritty financing discussions. If the conversations go okay Mag is on track for a July 31 deal closing.
- Within the "next month" (so I assume by mid-July) Mag will be issuing 101 reports on their extended licensing areas as Mengo only represents 7% of the overall license. The tone at the AGM suggested these will be positive reports which will increase the confirmed -- or at least assumed - reserves within the area. This could be a massive potash deposit folks.
- COMPLANT has "fully accepted" the solution mining technology so this potential technical hurdle has been addressed.
- BMO is a very important addition. They are old china hands and they will now take the reigns to facilitate the financing dialogue with COMPLANT. The warrants were approved at the meeting. So BMO is like a real estate agent as when they close with deal they receive their commission. I really like this move as it shows Mag recongizes they need solid support in this area.
- If COMPLANT does not happen there will be further staff reductions at Mag to assist with cash burn and they emphasize other partners are ready to step in -- no specifics obviously.
- The forestry op is there to keep a strong presence in the country and ensure the port space is reserved for the potash operation. They expect 'modest' improvements in F10 profits but there's nothing there worth hangin our hats on.
- they're still making noises about settling the INGA situation with the DRC this year.
- nothing new with the PIA except to say they anticipate parliamentary approval shortly.
- in terms of SH vs. COMPLANT they are focusing on COMPLANT's potash experience via SDIC. The 'extremely thorough' DD COMPLANT did indicates to Mag management they're 100% serious as opposed to SH's lack of engagement in the details.

So it was good -- there are some solid developments near closure (reserves, PIA) and while some tough discussion is ahead with COMPLANT there's no reason to believe they're not engaged. We're simply facing what we all expected all along...and with BMO on side I think there's reason to believe our odds of success have increased.

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CHIP OFF THE OLD BLOCK!!!!!!!!!!!!