re: Western Magnesium Corp.

Here are some interesting snippets from the townhall:

WMC Chairman Ed Lee stated the following: Construction on the pilot plant would be complete by the end of April or early May. The pilot plant will be running by the end of May. WMC is not interested in competing on commodity price, WMC's competitive edge will be supply chain security as a domestic producer of magnesium. WMC will be the only publicly traded company producing magnesium in the US once the pilot plant is running. The commercial plant in Ohio will be able to produce 200,000 metric tons of magnesium a year. WMC will be doing a share consolidation if necessary to get on NASDAQ, the consolidation will likely be 2 or 3 to 1.

CEO Sam Ataya stated the following: WMC's pilot plant is a "commercialized pilot plant" meaning it is a miniature version of a commercial plant. As such, the Ohio plant will not require significant re-design or re-engineering. Ataya reiterated the pilot plant will be complete at the end of April and a single 23kg magnesium ingot will be produced by the end of May. WMC is currently evaluating a reverse-split which will be necessary to get on NASDAQ. There will be a shareholder vote regarding the reverse split. WMC interviewed over 20 individuals for the CFO position. 15 - 20% of the cost of the commercial plant in Ohio will be paid for with state and federal grants. 11 financial institutions have approached WMC with financing term sheets/offers. Ataya's goal is to minimize pain for shareholders in obtaining financing. WMC has engaged a valuation firm which will be completing its valuation of WMC in ~8 weeks. WMC must raise capital. WMC is under a lot of pressure to obtain financing and enter into LOI's with customers, but will not do so until the pilot plant produces that first ingot as that is when value will be maximized for shareholders. The NASDAQ uplisting will be after the ingot is produced.

CFO Ramsey Hamady stated WMC is in the process of selecting an accounting/audit firm and an advisory firm. The firms will be selected from the "Global 6" meaning E&Y, Deloitte, KPMG, PwC, BDO, and GT. Hamady considers WMC a tier one company so they will be selecting tier one firms. WMC is maintaining a low cash balance and utilizing equity as currency as needed while WMC increases in value before obtaining financing. He emphasized financing is available now if they wanted it, but is waiting on increasing the value of the company.

Finance Advisor Ben Maher considers the reverse split WMC is contemplating a "classy reverse" and only sees upside from it. Maher thinks WMC's goal has to be getting on NASDAQ to attract talent and capital.

Finance Advisor Bill Julian said it takes ~$17 million of dolomite to produce approximately $700 million of magnesium.

Paul Sauve said if WMC mined its own dolomite for the Ohio plant, WMC's reserves would be enough to operate the Ohio plant for 200 years. WMC is quite confident in the engineering and is not worried about problems with the chemistry used in the pilot plant because the chemistry is not new. A 3rd party engineering firm will witness the pilot plant operate and certify the plant works and produced the ingot. All WMC investors will receive a piece of magnesium the size of a business card around the end of the year.

Your 1 share is up ~12% today.

Here is an email I received today from investor relations for anyone still holding or interested in this. Better news than I was expecting but still don't know what to think of it.

quote:

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Hi Buck Rogers,

As you may or may not know we are under a CTO (Cease Trade Order) on our main exchange the TSXV for our audited financials being late.  This has also moved us down to the Expert Market on the US side.   On the Expert Market only licensed Broker Dealers can see the bid, ask and volume.  Our current auditors had major clients that were caught up in the US banking collapse which cause them to put us( small fry) on the shelf.  We had trouble communicating with them and getting answers on timing.  So, because of this the company started looking for another auditor.  The company has found another auditor who is capable of both CDN and US filing to finish our filings for us.  Once the files are fully transferred to them and a deposit has already been made. They should be done in 6-8 weeks as they must also do our Q1.  Once that is done and submitted we should come back to trade. 

Bye for now,

 

 

John Ulmer

Investor Relations & Business Development

WESTERN MAGNESIUM CORPORATION

Washington, D.C. | Vancouver, British Columbia

Mobile: +1 (604)889–2149
Office: +1 (778)994-6453

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Odd timing on bump as out of the blue, I logged into my account to see what the play money I threw at this over a year ago was doing…

interesting. I was oddly satisfied to ride this thing down to zero. It seemed like a promising venture.

probably paying in ingots

quote:

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this ScamCo is down 99.99% 

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How do you know this if the asking and bidding prices aren't visible to the public right now?

I'm pretty sure most people are on here for entertainment purposes. Discussing penny stocks is much more entertaining, because it definitely is a gamble, and gambling is fun.