From the last 10Q. After all the options, how many shares outstanding? Looks like way over 150 million shares. Anyone?
"On October 23, 2008, we paid $1,441,000 of accrued interest to China Gold from the proceeds of the $1.85 million Shaanxi Hua Ze Nickel refund. On November 10, 2008, the parties entered into Amendment No. 2 to the CNPA, whereby the Notes were cancelled and we issued to China Gold an Amended and Restated Promissory Note (the "Amended Note") in the aggregate principal amount of $9,800,000, which amongst other amendments to the terms of the Notes, terminated the conversion feature of the Notes and terminated the Purchase Rights. In consideration thereof, we have issued China Gold a five-year warrant to purchase up to 39,200,000 shares of the our common stock at an exercise price of $0.15 per share. The Amended Note interest rate is 12.25% per annum. The principal and unpaid interest is due and payable at the earlier of (1) China Gold's demand at any time on or after December 31, 2008 or (2) to the extent funds are available, upon the closing of our proposed acquisition of the Sudan and XNS iron ore properties."
It looks like China Gold can call the note in two days if they want to. As WITM doesn't look like they have any money, the outlook is bleak at best. My post of a default two months ago, unfortuneately for shareholders., looks to be accurate.
IMO, if they do any deal or no deal, with all the shares and warrants outstanding they will probably have to do something like a 20:1 Reverse split because the stock will trade between .03 and .14 cents for the next 5 years.
By the steady decline in price. It looks like the Wits-less management team has run into some problems. Still nothing on the possible default of the above mentioned promissory note? I will but a bunch at .01 shortly and wait to see if they do another P&D next year.