Re: This is NOT what we want. UTS - unsolicited offer at 51% premium
in response to
by
posted on
Jan 28, 2009 03:08AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
It will be interesting to see what happens to UTS. I owned a few shares in this company and followed the stock up until a year ago. UTS is already in partnership with Teck and PetroCanada. The french oil company Total already has extensive land holdings around UTS land, so there are synergies in land and corporate stature. UTS had a 41 million share financing at $6.10 about a year ago and a flow through of 2.7 million shares at $7.60. Brings back memories here at NOT. The Lost Hills project cost est. went from $14 billion to 21 billion and UTS may be too small a fish to swim in the pond they are in and time is definitely against them. So the vultures are circling. What is the Board of UTS going to do now after all they have put in that company and after issuing millions of shares much higher than the 51% premium offered. We are in a similar situation, big resource, small company, self sufficient for exploration but needs major help with developement. Our resource may not be as sought after as oil but you can rest assured someone will want to be a North American producer of chrome. Will we become too small a fish for our pond? I sincerely hope not but we should watch what happens at UTS.