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The extension is granted. We secured the extra time needed to finalize our financing and prepare a proper bid. Keep an eye on your inbox for further updates as we move into this next phase of the process.

June 27, 2013

NPOG Bid Extension Request to Grant Thornton

NPOG Bid Extension Request to Grant Thornton

🏆 Won — 192 supporters Verified

Final supporters

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Started by Anonymous 13 years, 3 months ago
Attention Guy Odhams of Grant Thornton and Court of Queens Bench: Pinnacle Wealth Brokers and its representatives are representing the majority of the original investors in Northern Patriot Oil & Gas. Pinnacle raised money for Standard Resources and are now combining efforts with the original NPOG shareholders to win the bid for the benefit of ALL shareholders and creditors. Our approach has been fundraising with one of our existing Oil & Gas issuers Canadian Coyote Energy Trust who is obtaining financing for the remainder. The response from investors has been positive and momentum is strong on our end, however the President of Canadian Coyote has told me they just haven't had sufficient time. This is what he told me: "I checked my email and the first contact I had from Peters was on May 9 and if I remember correctly it was not until the following week that all the information was available. My position on the timing is it is short and limits potential bidders in a difficult market. Most bidders couldn't even attempt to get their analysis done plus put financing in place in under 45 days. Its atypical to have anything under 45 days. Even a stock exchange allows 45 days from when all the information is released."  Some new information was added to the data room June 10th.  We are asking you to extend the bid for at least 2 weeks to allow every bidder a minimal amount of time to complete analysis and arrange for capital. We believe this decision would be for the betterment of both the creditors and shareholders. As it stands now we cannot comply with the request to submit an unconditional bid. Here are some signatures of support from both the largest investors and sales agents that represent a majority of the NPOG investors. Sincerely, Darvin Zurfluh Pinnacle Wealth Brokers Chairman

Updates

June 11, 2013

The timeline imposed by Grant Thornton is unrealistic for a fair bidding process. Call their office today to demand a two-week extension so we can properly secure the necessary financing.

June 11, 2013

We hit a meaningful milestone that proves the urgency of this bid extension. Now is the time to turn this momentum into action by emailing Grant Thornton directly to demand that extra two weeks. Copy your local representative on those emails so they see exactly how many people are watching this process.

Reached 100 supporters

June 11, 2013

6 Comments

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Sarah Gutierrez
13 years ago Featured

This timeline is way too rushed. Nobody can do proper due diligence in such a short window.

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Greg Riley
13 years ago Featured

Need more time to get the financing sorted properly. Don't be unreasonable.

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Dave Aguilar
13 years ago Featured

Give us a fair shot at this. 45 days is standard everywhere else why not here?

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Brenda Reyes
13 years ago Featured

PLEASE extend the deadline. we deserve a chance to get this right and not just rush into a bad deal.

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Mike Kennedy
13 years ago Featured

Just give it the extra 2 weeks. What is the rush? We want a result that actually makes sense for the shareholders.

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Tom Holt
13 years ago Featured

totally agree with the 45 day standard. stop trying to force this through before people can even look at the numbers.