Golden Arrow Resources' (GARWF) CEO Joseph Grosso on Investor Update Conference Call (Transcript)

| About: Golden Arrow (GARWF)

Golden Arrow Resources Corp. (OTCQB:GARWF) Investor Update Conference Call April 12, 2017 10:30 AM ET

Executives

Joseph Grosso - Executive Chairmen, CEO and President

Niko Cacos - Director and VP Corporate Development

Brian McEwen - VP Exploration and Development

Operator

Thank you for standing by. This is the conference operator. And welcome to the Golden Arrow Resources Investor Update Conference Call and Webcast. Golden Arrow Resources Corporation can be found in Canada on a TSX-Venture Exchange as GAR and United States as GARWF. As a remainder, all participants are in listen-only mode and the conference is being recorded [Operator Instruction]. To submit your questions, please email info@goldenarrowresources.com or click on the submit question tab on the webcast. Your speakers for today's call are Joseph Grosso, Executive Chairmen, CEO and President; Niko Cacos, Director and VP Corporate Development; and Brian McEwen, VP Exploration and Development.

I’ll now like to turn the conference over to Mr. Joseph Grosso. Please go ahead, sir.

Joseph Grosso

Good morning, and welcome to all the listeners. I would like to give a very brief background. I come from another industry. I am not a technical person but I feel I am a businessman, which has operated in several European and oriental countries as well as Canada, United States, and currently Argentina. So why Argentina, well quite simple, my background -- my Italian background has a factor that Argentina has 42% of Italian extractions, I went to visit my family. Visiting my family and I am being proud of having the brother from Canada visiting. They invited, and the neighbors in which I run in an incredible coincidence, I met Dr. Vicente Mendez, which was the pre-eminent geologist in Argentina at the time. And so coming from Vancouver and being interested in natural resources and mining especially as an investor.

I asked Dr. Mendez what was happening in Argentina. Well, he very quickly responded and he said you know Argentina shares the borders in north-south, which to the extent of 5,300 kilometers. Chile has been in mining business for 100-plus years and has some of the biggest producers, mining producers, in the world, all the way up to the border with Argentina. Argentina, unfortunately has not recognized the geology and the natural resources are sufficiently enough to enter mining. So when I heard 5,300 kilometers sharing and the mines were predominantly at the borders, I quickly asked if the geology would extend into Argentina. I’ve read face of Dr. Mendez, he quickly replied absolutely, but we have not made the funds available by then the dictatorship to develop mining.

So with all the opportunity that we have, we are not on a mining business. Well, I can tell you that inside I exploded with enthusiasm being a veteran of other business internationally. Definitely, it hit to me as a great opportunity not to miss. Very quickly, we formed the company called [indiscernible], and Vicente Mendez, a renowned professor of university and president of the company, we started developing and putting together probably very close to the borders with in fact right up to the borders of Chile for most of them.

We collected a property portfolio of 350,000 hectares, and we raised enough funds to advance some of the most deserving sites. And in the process, 24 years has gone by, and I spent most of the 24 years in Argentina developing my culture, getting to know mining. And during the 24 years, we discovered the three major world class discoveries, and the last, the first one was Gualcamayo, which is in San Juan and in production owned by Yamana. The second one is Navidad with 1.1 billion ounces of silver discovery, still the largest ever true silver discovery. And the third one Chinchillas, Chinchillas, which is located up north in a province called Jujuy, and [indiscernible] where six or seven mines are currently in production. The [indiscernible] is a several hundred kilometers long. And we were attracted to this deserving project called the Chinchillas, which rapidly, very rapidly, grew in very few years to a resource, to a sizeable resource.

And being a junior, however, we required two things; one, the funds to develop the project, to deposit, and from that would require the skills of a known reputable producer. We were extremely glad one day to find out that our Chinchillas discovery was located about 18 miles or 25 kilometers [indiscernible] from a mine that announce that was going in the near future out of business. And that was Pirquitas mine, which operated over six years and be the only income, the substandard [ph]buildup with their portfolio of funds.

And now, obviously, with the incredible value and the infrastructure, they have developed a very great reputation for good producers, efficient producers, all in place accounting for 630 people working staff. And all that I mentioned was either to take Chinchillas forward to a production deposit and find an infrastructure that would cost replacement today over $300 million to $350 million.

Now, as things evolve, and I can be quite lengthy in the story, but I’d like to stay to the high point. The high point is that the synergy that they require the Chinchillas 18 miles away or 25 kilometers as [indiscernible]. And we needing Pirquitas mine skills, production repetition, and funds to sponsor the development of the resource into deposit, all of which was negotiated between the two parties. I'm quickly saying it, but I can assure you that the discussions, the negotiation, were very lengthy and costly.

Finally, September 30, 2015, we have been to detail a proposal of merger of the two assets. Although said it was principally the resources that we had and there are set the course for their skill, their money in paying, the resources that still not the resources, but the deposit which was still, I had all them by a year, year and half of production, very profitable production. And so we followed with an evaluation in partial, evaluation that could be used as a base to firm up the contract that we had ideally discussed; the contract that came together and was signed September 30, 2015.

Now, obviously, I must explain that at that date, there was a certain years and value for production that the 18 months for an option that they required was going to obviously dilute continuing production. So it was agreed and we’re very happy to say that the option, if exercised, they would pay the 25% partnership agreement that was the base of 25-75 after an evaluator pointed out the sizeable value of that infrastructure, their skills and the depositors is still ahead of them. And we of course showed up with the resources only. So we were quite happy with that we would and are quite happy with that 25% participation. And since then, so they signed it of course committed the expanse of an approximate 13.5 million, including a payment to the Company; but 12.6 million to develop the needed amount mineral that would sustain a longer life and expanded the mine of Pirquitas.

The amount that was developed ended feasibility study, an integrated feasibility study, was approximately 30% plus of the total resources that Golden Arrow had. The rest of the resource was aligned regionally and at the price of silver and affordable to carry them at a distance. So at the moment, after the study was positive; so we've said that exercised to the options what we are now and we’re in the process of firming the legalities needed to close the deal. But the initial contract that we made was sub details that is really it offers a strong believe that we closed without any problem.

Closing will means that the production profits that they accumulated since September 30, 2015 to March 31, 2017 contributed to a 25% profit, after tax profit which is approximately $15 million that at closing, we should receive or we will receive the $15 million for Golden Arrow. Staying on dollar potential here, the Company currently has approximately $6 million supported total of when we close, which we expect it to be within the next 45-days. The Company will have approximately $21 million.

And definitely encouraging us to go-forward and participate with future OpEx as people see toward the joint integrated production. We could not be expressive strong enough how happy we are to be associated with a very reputable and extremely efficient producer known. And we also look heavily -- heavily looking, besides expanding Pirquitas six years -- eight years production in addition to the six, which elapsed already. But let's not forget that regionally where are the balance of the 70 approximately resources remaining are spread regionally that will definitely be a great opportunity for the partnership to develop future expansion. Its sounds like incredible. All of the resources come from a merely 30% of the total property, which is contiguous and it's approximately 40 kilometers.

And we have a balance of 1,960 hectares still with drill targets ahead of the partnership, so therefore; A, we’re happy with our partners; B, we are very happy about the growth that the partnership has within the agreement negotiated. And within the agreed and negotiated, the opportunity of expanding regionally and expanding by drilling targets already identified and tested on the 1,960 hectares that remain.

Up to now we have spoken about one project, the project that Golden Arrow has developed or which is participating in. And the three discoveries, two we’re now participating. Chinchillas, we are participating with great growth potential regionally. And regionally without a question can stand us a more production pits to increase the size of rig, the number ounces produced per year. And in extension of that also mentioned that there is another 1,960 hectares of property, which are very exciting new values and growth that we can develop within the partnership.

Closing the chapter of the negotiating the partnership and the opportunity that it has within the contract and future development of properties and resources, which is very exciting. We're very enthused about that prospect. Silver Standard, they’re known to be quite aggressive and we are hoping that they will continue to be aggressive in developing further production than Pirquita. The other future that Golden Arrow, the subject discussed here is Golden Arrow as a Company. Golden Arrow is a Company has a property that we’re at the business selected. We have a 2,000 -- we have 214 squared hectares to explore. We however selected some of the most advanced projects, which we feel are very -- brought some new discoveries, which Golden Arrow owns 100%. They do not are involved with the partnership of Chinchillas and Silver Standard.

We have projects that without a question Brian McEwen will comment on, explaining the great growth that Golden Arrow has in mind in the future. And our latest success here in closing or the exercise of the option by Silver Standard is bringing a long list of the offers of projects, which are either permitted to going to production or very close to. We will be very aggressive in looking at new opportunities that Golden Arrow will develop for the future; so all-in-all recapping the shareholders of Golden Arrow has a great immediate opportunity to use the funds that we have earned and will earn. We'll have a huge ground that the partnership can continued growth. And apart from all of that, we have 215,000 hectares are probably perspective that were designed in when we staked them in 1993, 24-years ago that have great opportunity for success.

I would like, at this point, give a thanks to my staff for their incredible work and tenacity overcoming the six long years of bad mining economy and staying the course for the 18 months in working with Silver Standard to bring it to the current level. And I'm grateful to you Joe. I would like to thank your organization for having us as guest, and hope to be given a chance for progress for reports as we go. If the time will permit, I would like to say why we're successful. We have received many awards in Argentina for best company, best management, and so on we're definitely riding the quest for popularity, which we're grateful.

And why does the government appreciates us? Normally, you have a government who takes hundreds of people delegation visiting countries and visiting multibillion dollar companies who return the favor to Argentina, and go and have lunch with President and Vice-President, Minister. And we -- our success is the all the humility, respect and including the people of the community. We work with the community very, very close. We personally want to stand the surface owners the community need the peers and size, doubt about mining impact. We satisfy each one of them that we will work responsibly. And that has been a great asset for us that we would continue. And what has graduated is that we don’t have to take high elected officials for lunch to let them know who we are. The happy community with our Company lets the government know who we are and we enjoy that relationship.

Again, I want to thank you and introduce Niko Cacos, our VP Business Development that will give an account. He’s the architect of doing all the legalities and the day-to-day reasoning and hassling with lower years and so. So Niko, do your thing.

Niko Cacos

Thank you, Joe. What we’re going to do now is we’ll go through the presentation, which will give an overview of the entire of the Chinchillas Pirquitas business combination, as was announced in our press release on March 31st. We will explain how, why we believe this is a good deal for Golden Arrow, and also in turn for shareholder as it makes Golden Arrow now a new revenue producing Company. And afterwards, we have been receiving and continue to receive a number of questions pertaining to this deal. And we’ll endeavor to answer some of those questions, and hopefully through our presentation clarify an understanding of this deal.

So the next slide is a standard disclaimer from our lawyers regarding any forward-looking statements. Now this a very, very brief background on our transaction. As Joe stated previously, Chinchillas is situated in Northwestern Argentina in Jujuy province. It's a silver-lead zinc deposit that we discovered and developed from 2011. And so 2015, we took it from a discovery point all the way up to resources and PEA. On the same road, the road goes 42 kilometers away just to the southwest lies Pirquitas, the silver-to-zinc mine.

Sliver Standard has been operating at Pirquitas since 2009. They have a mill on there, process 4,000 tons per day processing facility and all the tailings storage. And at that time, mine life was expected to be around this year in 2017. And because of the proximity of the two operations in October 2015, we announced the deal as was announced to combine both our operations and a joint venture to be held 75%-25%. Following that, we underwent 18-month evaluation period during which Sliver Standard made $2 million in payments, cash payments to Golden Arrow and invested around $12 million in developing pre-feasibility study, which was also announced on March 31st of this year. At that time, we also received notice that Sliver Standard wishes to exercise their auction. We’re moving forward now towards closing.

So what is happening here? The goal is to create a mining joint venture in Argentina with Sliver Standard to be the operator. What's going to happen is there is going to be a new Canadian private company, a JVco that will be created. The JVco will be owned 75% by Silver Standard and 25% by Golden Arrow. And through intermediaries, they will own Pirquitas and Chinchillas respectively. This will also require the creation of the new Canadian company and there will be some other regulatory and background work that will happen. But for all intensive purposes for our shareholders this whole process will be invisible. Whatever shares you own, you will continue to own those shares afterwards. We expect to close this transaction on or by May 31st of this year, as all subjects are regulatory approval.

Now to clarify what is not happening, because these are some of the questions that we've been receiving. We want to emphasize that Golden Arrow is not selling Chinchillas to Sliver Standard. The two companies are both pooling both Chinchillas and Pirquitas assets into a jointly-owned vehicle. Also, Golden Arrow will not be distributing its share of its private joint venture to its shareholders. Golden Arrow will own that and then will be eligible to receive the revenues as they are accumulated.

There will be no change in the name or the symbol of a publicly traded company, so we’ll continue to be Golden Arrow Resources for the same stock trading symbols. The joint venture does not include any other exploration properties. These have already been segregated into a separate subsidiary and they will continue to be held 100% directly by Golden Arrow. And Golden Arrow furthermore is not responsible, if I may add, for Sliver Standard’s payment or Pirquitas export duties prior to the date of the joint venture agreement. After the joint venture agreement that's after the date of September 30th, where we are effectively joint venture partners going forward after the closing of the deal, then we would be responsible for whatever portion of cost and taxes are incurred at that time.

This mean we’ll hold both Pirquitas mine and the Chinchillas deposit. The joint venture will process all the remaining stockpile over the next year or so. The joint venture will also develop the Chinchillas deposit over the next month, and we expecting ore to be trapped to Pirquitas for processing into concentrates. And all of this is subject to permitting, and I understand that’s all underway. And the JV will also continue to expand the resource and reverse base and have an ongoing exploration program.

Benefits of the transaction to Golden Arrow; well, fast tracks the production of Chinchillas; the construction is expected to begin in the third quarter of this year; the first quarter to be milled is expected to commence in the second half of 2018. So this fast tracks production by a number of years. It reduces Golden Arrow's capital outlay for putting this into production as it uses all the facilities and infrastructure that’s been invested and built at Pirquitas. Also short term cash flow and it's also minimally dilutive to the development; the total CapEx is expected to be about $81 million in our agreement; it limits, we have a limitation to Golden Arrow's capital expenditure commitments up to $10 million in the first year. But this of course is a point that after we get to review the first budget of the joint venture, we will review whether or not it makes sense to contribute more or just stay with the $10 million. So it will be dependent on -- it will be something will be determined at that time. And we may get a flexible position at this point.

Golden Arrow will be paid about $15 million or CAD20 million upon closing of transaction as this will represent 25% of the net profits in Pirquitas since October 1st, and in fact backdating the date of the Joint Venture. And then going forward, Golden Arrow will be eligible to earn 25% of the remaining production cash flow from Pirquitas. And there is some guidance there on the slide that we up from Silver Standard’s Web site regarding the stockpiles at Pirquitas. Long term cash flow; well, one another way to look at this is Golden Arrow effectively owns 2 million ounces of silver equivalent production annually for the next eight years.

I’ll turn this over now, at this point, to Brian McEwen to walk you through the more details of the transaction.

Brian McEwen

Okay. Thanks Niko. I am just going to talk about the numbers here. And then as we go through the numbers try to incorporate answers from a lot of the questions we’ve received in the last sort of while about the deal. What we’re looking here is the resources and reserves table. The reserves are inclusive in the resources and you can see here that what's been highlighted is 58 million ounces right now under the assumptions of the pre-feasibility study, that’s what we’re going to be mining from Chinchillas and processing that will equivalent up to about 51 million ounces produced.

What's interesting is that that is all from the Mantos area. If you come down to which is measured and indicated, you can see versus Mantos and Socavon, we haven't included any of the Mantos or Socavon areas at all. And what I find is something to keep an eye on is it's got very high zinc. The rest of the project ends up being quite high in zinc. And as zinc values increase, it's represents another big opportunity for the joint venture, going forward. So in the area now that we’re working at that’s going to be feed for Pirquitas, is only represents a very small portion of what's actually in the deposit itself.

A closer look at the metrics here of what this pre-feasibility study shows. Basically, we’ve got eight year mine life; four and half -- 4.7: 1 strip ratio; we're going to produce 51 million ounces of silver or 71 million ounces of silver equivalent. This is very, very sensitive to price. The way that the deposit is, it's all within the same pit area. And as now prices go up all we do is we end up moving material that would be normally going to the dump to the plant despite small increase in price. So it is very, very sensitive to price. We're going to be producing at 4, 000 tons per day. One of the questions was could that be increased. Really what we have is a bottleneck in hauling. We're looking at alternatives of possibly using trailers or maybe supplementing that from more feed at Pirquitas, so that's open. Those are the types of things that we’ll look at as we go forward. If we can prove, we will certainly try.

Operating costs, these are pretty similar to what Pirquitas is already pay or has paid while they were operating their mine. The only difference being the ore transferred at the bottom. An interesting metric going here is the cash cost, up $7.40 an ounce. If I look at what the cash costs were at Pirquitas in the last year looking at their numbers, it was actually higher than that. The cash costs were about $9 an ounce and the all-in sustaining capital costs, the all-in sustaining capital costs that we have here of 975 the end of Pirquitas it was 1021. And this is net of product. So this is including the contributions of the lead and the zinc.

Looking at the capital costs, one of the other things that’s come up is that why we have such a high contingency in here; the overall contingency being around 29%. I have issues with that myself, to be honest with you. This question went back to the QPs on the project. I would like to remind everybody that this is a pre-feasibility study and as prefeasibility study you know under definition is up to 30% contingency. So it falls in line with that.

Looking at the revenue numbers here, we've got a post tax NPV right now estimated at 178 million. So you could say that based on what portion that would be, Golden Arrow is at be about $44 million or CAD62 million. And again, that's very, very sensitive depending on metal price. So let's just take a little bit closer look at that. So right now, we fall in here under the assumptions that we've got and we wonder where silver price is going to be in the next year going forward. But already you can see if we're to be using today's lead prices, how quickly that comes up; where increase in silver price, how quickly that comes up and makes a big difference.

And it also goes and you can look at here, we're driving sensitivity on CapEx. And this is a good way to look at the question about if we perform better than what we have on the CapEx at 29%, it's actually even 10% less than that; we increased 285 million or if we come in on the cost, it’s still 192 million; so it is very, very sensitive to those numbers. And again, just remember that this is done as a pre-feasibility level.

The resources, the reserves are contained within the reserves, I'm sorry, got that wrong, the reserves are contained within the resources. And so this is what we're going to be mining on, these are the proven and probable reserves that are going to come out of the Mantos. You can see here of the total material than they were leaving an awful lot behind. And that represents an opportunity for the future, depending on what we can delineate with either drilling or even just an increase in metal prices. So there is still lot there at Chinchillas.

Other areas around the project, this is the area there in the green on the west side of that map, that’s the Mantos area. That’s the area that’s going to supply the feed under the pre-feasibility study. None of these other areas, the Socavon, which I was showing with the high zinc is included or these others areas to the south where we’ve had some very, very good intersections. The thing that Joe was mentioning earlier that this only represents 45 hectares at above, more than 200 hectare -- 2,000 hectare property. So we still get a lot of exploration potential here. With Silver Standard got involved, we had one focus and that was to delineate the resources and reserves for the possible combination agreement. So we’ve really done very, very little outside of that. And that will be something that we’ll be looking at in the near future.

As far as the opportunities that Pirquitas bring outside of their -- all of the infrastructure and all the expertise in that, there still are resources at Pirquitas that could come into play depending on metal prices. And there was a design for a small scale 500 tons a day or above that undergone mine of a high grade; 50 million ounces indicated resources in that; also, there is other, I think about 45 million ounces still on the property; and there is still exploration potential around the area.

If we look at the way the JV agreement is structured, you’ve got Pirquitas mine and you’ve got the Chinchillas project. And the 30 kilometers or 35 kilometers between the two, 42 by the road. The way the agreement is structured is anything that falls within this 50 kilometer radius is going to be developed by the joint venture. And those are incremental ounces that they’ve got very little cost; so potential of finding more within this 785,000 hectares is pretty good, going forward. And again, now that we’ve got production scenario, near-term production scenario under control, we’ll be looking at that.

So over the next little while, there is lot of dash lines on here, but we basically here where it's at this point right now where we're completing the transaction by the end of this month, and the permitting is ongoing. This is a little bit of an unknown but everybody wants to see this get up and running as quickly as possible; certainly, the community and the government and of course the joint venture. Once that’s permitted, and may be even little before construction could begin, and that’s we're looking at about a nine month construction period and then shipping concentrate after that. And we’ll be looking -- we will have a budget for this right now. But I’ll be sitting down with my counterparts at Silver Standard in the near future and look at what we want to do in the short and longer term as far as exploration around the project goes.

So if you look at -- this kind summarizes a lot of the things that I've said and what Niko said, and what Joe said about value and growth for the Company. We’re currently sitting at about CAD8 million in our treasury. We've got the accrued earnings of $15 million approximately or CAD20 million from the deal, and then we've got the 25% of the profits of the 5,000 -- or 5 million ounces that are in the stockpile right now. So these are all additives. And then if we go back to the number that I quoted or I showed on the earlier slide that showed the 60 million based on the valuation of the NPV, so you’ve got there 60 million. All of a sudden, you can see that the value here is creeping up around 100 million. And then this doesn’t even include any of the upside potential or exploration potential for where the Company can grow.

And I just wanted to touch very quickly is that we do have other projects that we’re working on right now outside of Chinchillas. Hopefully, we’re going to have some news here in the coming weeks about [indiscernible] project time. I'm very, very excited about it with a lot of similarities to Chinchillas, so that's really where the Company is at right now. And if you want to look at now where we are with capital search, I think maybe Niko I am going to let you -- you would address them and see if there are some questions I know that need to be answered.

Question-and-Answer Session

A - Niko Cacos

Thank you, Brain. Now we see, as of yesterday, we’ve got 97.7 million shares outstanding, 111 fully dilutive. And of those, you if look at the warrants in there. There is about $1.4 million worth of warrants that are in the money, and we're seeing these getting exercised right now. And also an equivalent amount in options that are coming in right now. So there is potentially close to about $2.5 million to $3 million that we're seeing from these being converted right now, gives us a market cap of approximately $73 million, so our cap position is $8 million plus the potential to see another $2.5 million to $3 million coming in as it's stripling in slowly.

So what we want to do now is we have received a bunch of questions by email during this presentation. We have endeavored to try and answer as many of those at our presentation. Maybe what we’ll do, we’ll take a few of these questions but we do want to encourage everybody to even after this presentation just if you have a question, do reach out to our Investor Relations either call us or email at info@golenarrowresources.com. Brain, do you want to take care of couple of these?

Brian McEwen

Yes. And one of the things that Shawn is working on now is to have frequently asked questions. And because we get a lot of the same questions over and over again, we’ll try to keep that updated and to the point. A lot of these questions, like I said, were submitted at numerous times and so I’ll try to group as many as we can into answers. One of the questions, the thing that concerns me is how long will Pirquitas’ idle stockpiles are depleted. I don’t have a definite answer for this. It's a little bit of an unknown, but I don’t think it's going to sit idle at all.

Right now, I understand there’s about 20 months of gold as of the first of the year. They had about 20 months of production that takes us well into 2018. But I mean everybody wants to keep everything running and minimize that shutdown as much as we can, and that is definitely the plan and definitely Silver Standard's plan. The unknown in all of this is getting the permit and we all feel very, very confident that the permit will come as soon as possible. I can’t give a date, but it's -- everybody is working on it and it's in everybody's best interest.

Another big concern that we seem to be – here is another question, a big concern for Golden Arrow’s shareholders seems to be financing of the project. And again, this isn’t unknown at this time. We -- like we stated during our presentation, we are expecting on closing a check of approximately CAD20 million, we've got CAD8 million in the bank. And then as we go forward, we’ll be collecting our percentage from the stockpile production. But it's a little premature to answer this right now. I think what we want to see is after closing, the budget will be presented for the joint venture, we’ll see what it's cash needs are overtime. And at the same time, we’ll also be reviewing our own 100% portfolio of cash needs and budget projections for that. So we’ll be addressing these questions after May 31st.

Brian McEwen

Yes. And May 31st, I see other question that’s on here. Next is when does this deal close, it's May 31st. How is the CapEx split between year-one and year-two? Almost all of the pre-production capital is spent in year-one. I mean I think again this is a pre-feasibility study and we’ll sit down with Silver Standard. But most of these big ticket items, we’ve got to get ordered and get going on in advance. And that’s all those questions I have.

Niko Cacos

That’s all the questions we have got right now. But please do keep the questions coming in and is there…?

Brian McEwen

One here, a new one; who is responsible for acquiring the mining permits for Chinchillas? We’re working together with Golden Arrow -- with Silver Standard, I would say that the joint venture is working to get those permitted or to get that through the system. And I can’t, as far as the timeline, I am sorry, we’re working on it and hopefully it comes soon.

Niko Cacos

And that’s all I have.

Brian McEwen

Okay. Well, thank you. I would like to thank all our listeners, investors, and shareholders for your support. We thank you for the questions. That’s what we’re here for, to help answer these questions for you. We look forward to receiving some more again. I'd like to emphasis, do reach out to us, do email us, do call us, and we’ll make every endeavor to get back to you as quickly as possible. Thank you very much.

Operator

This concludes today's conference call. You may disconnect your lines. Thank you for participating. Have a pleasant day.

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