I applaud you for being one of the first companies outside of the Bitcoin mining market that takes the plunge and tries to raise money through bitcoin. Since I don't have any experience with real world mining I want to ask some general questions.
If the funding campaign on Bitfunder is unsuccessful and not all shares are sold, what other methods of financing will the company turn to in order to fund the EM survey and drilling? I'm asking this because the market cap is very high in comparison to most other assets on Bitfunder.
If the survey returns a positive result the share valuation is expected to rise but actual dividends will not be paid until the business has been sold to a mining partner. Correct?
In case the business is sold for a lump sum will my shares be sold too and would I receive the proceeds in form of a dividend?
- Kenilworth is also working with private funders outside BitFunder. In the case where full funding was not achieved we are also talking with a group about using loan/share option agreements. So as the remaining funds are at hand. Patrick has a large 94,000 acre property "Kenilworth Station" that he will use as collateral.
- Correct but with increased valuation to the company asset we would expect the share price should reflect this and trading of the stock should provide liquidity to initial investors.
- It is not the intention of the board to sell the complete business for a lump sum but to sell certain mineral resource segments in our portfolio to interested mining companies and the answer to your specific question is that if we were presented with a very attractive offer and sold the complete company the lump sum left after all trade creditors are paid the funds would be distributed to each shareholder equally. - A vote would be held prior to guage the BitFunder wishes, and the magority would rule.
Thank you! I'm still not too sure about investing but so far you're doing an exemplary job in answering questions and providing transparency.