Response from the Managing Director18 Jul 2009 11:23
I am not sure if this is good or bad...or just factual. I guess I still dont understand that they need a partner to develop the resource, yet the only partners you are going to get in China is the Chinese government and they are not going to give you fair market value! Round and round you go! Guess I am just gutted I have lost over half my money on this....when I thought I was buying into something exciting! Here is the email from Jeff......
" We are all very disappointed with the turn of events at Nimu. We all had put investors’ money, time and effort and believe that we have discovered something substantial.
We certainly don’t want to give up the project easily and have tired negotiated for a better deal.
However we do believe that without an unqualified support of a local partner, going forward will be problematic for this project. Therefore reluctantly we had to recommend the offer.
If shareholders approve the offer, then the Company will have money and can move forward.
If the offer is rejected then there is a great deal of uncertainty in the future of the Company, We had to raise money, with a project with a partner who wants to buy us out. If we don’t raise the money then we may be in danger of losing the licences."