The link below is a post from Prospekt that Jason told him the clock had started.
(It's a she actually.)
I have to say that I was wrong--and sorry. I think I projected what I wanted to hear rather than what was being said. I've been reading all these documents and I do not believe the Teck 120 clock has started.
I don't believe that we have done enough with the feasibility to automatically have Teck declare this is a bankable feasibility and have the clock started. The Agreement clearly states it needed to be positive at both the 8% and 12% NPV and it wasn't.
Furthermore, the News Release also states that Teck may not enter into a definitive joint venture agreement with us. That tells me that Teck may not accept the feasibility notice because that is what would trigger the JV at this stage.
I've been trying to get some confirmation on what is going on and haven't had a response yet beyond Teck is reviewing the feasibility and the negotiations are regarding their earn-back options. I thought that meant whether they were deciding on what option to choose, but I now believe it means that they are trying to establish whether they are going to accept the feasibilty notice. I think they might have 30 days for this but it would be included in the 120 days and this might be where the confusion is coming from.
There is also the matter of the eligible expenses. They said they are looking at what expenses might qualify. We haven't had a Financial Statement in awhile and presumably they need to approve the final expenses that would qualify.
I believe what is happening is that the legal matters are probably getting sorted out. I believe that after this stage Teck will then make an offer, or some other decision. I sort of believe that the last PP was made in order to pay for this legal stage.
I wish it had been done differently with more certainty. I think perhaps they filed the feasibility on day 45 because they were hoping Teck and their lawyers would have sorted all this out in time, but it appears they didn't. I think that's why we had such a mushy News Release.
