would like to thank XNRG CEO for the update on the scrap copper deal:
Quote:Thank you fischerman1940 for your post and questions in Post #6 above.
We have replicated your post below:
Dear Jerry,
I was wondering if there were any updates in regard to the scrap copper deal's trial lift.
Thanks.
Question #1: I was wondering if there were any updates in regard to the scrap copper deal's trial lift.
Response #1: The copper scrap wire contract that the Company absorbed failed to close in December as a result of the Exit Buyer not being able to provide the First Trial Lift cash deposit of 30% that our supplier requested. Also the Exit Buyer was not willing to change payment terms from CIF Discharge Port to CIF Loading Port. The Contract absorbed by the Company was mutually terminated and the Company does not plan to enter into a Sales and Purchase Contract with this Exit Buyer as their financial capacity is limited and not flexible to the needs of our suppliers.
Besides the above mutually terminated contract, the Company is in negotiation with several new Exit Buyers for copper scrap wire and copper cathode taking advantage of the suppliers the Company has sourced over the last couple of months. They are in different stages and the Company is optimistic that one or two orders can be contracted with delivery as early as February or latter part of March. Many of our suppliers are out of China and with the Chinese New Year on February 8, 2016; many of the suppliers shut down operations for the month and will reopen the last week of February or first week of March. We have sourced suppliers out of Africa, Chile and Europe and one of them could meet the needs of a South Korean Buyer.
THERE ARE NO ASSURANCES THAT ANY OF THE SCRAP COPPER WIRE TRANSACTIONS WILL CLOSE. THERE ARE NO ASSURANCES THAT SHOULD ANY OF THE SCAP COPPER WIRE TRANSACTIONS CLOSE, THAT THE TRANSACTION WILL BE PROFITABLE.
DISCLAIMER: SUBJECT TO SAFE HARBOR CLAUSE.
We thank you for your interest, support and faith in the Company.
Respectfully,
Xun Energy, Inc.
Jerry G. Mikolajczyk
President and CEO
Safe Harbor
The statements contained in this post may not be historical fact, are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements contained herein are based on current expectations that involve a number of risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” "projects" or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The Company wishes to caution the reader that its forward-looking statements that are historical facts are only predictions. No assurances can be given that the future results indicated, whether expressed or implied, will be achieved. While sometimes presented with numerical specificity, these projections and other forward-looking statements are based upon a variety of assumptions relating to the business of the Company, which, although considered reasonable by the Company, may not be realized. Because of the number and range of assumptions underlying the Company’s forward-looking statements, many of which are subject to significant uncertainties and contingencies that are beyond the reasonable control of the Company, some of the assumptions inevitably will not materialize, and unanticipated events and circumstances may occur subsequent to the date of this report. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information. Therefore, the actual experience of the Company and the results achieved during the period covered by any particular forward-looking statements may differ substantially from those projected. Consequently, the inclusion of forward-looking statements should not be regarded as a representation by the Company or any other person that these estimates and projections will be realized. The Company’s actual results may vary materially. There can be no assurance that any of these expectations will be realized or that any of the forward-looking statements contained herein will prove to be accurate. There is no guarantee that the Company will close on the financing or close on the acquisition of the producing oil and gas leases.
Xun Energy Inc. (XNRG) Stock Research Links
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