I also had my worries and contacted Mr. Prendergast. I support breaking out of the meta-bitcoin securities, and getting (also) into the real world. So I find this a very appealing investment for many reasons, if only it helps BTC becoming more mainstream.
Here are some answers from Mr. Prendergast that he gave permission for to publish:
Thanks for your support and I hope we can justify your confidence in our company and our IPO.
I wish to assure you that we are addressing all issues you bring up and we are very confident that
Kenilworth Exploration Ltd will succeed in closing its first round and returning our EM readings and improved valuation to shareholders. We believe that by putting our company stock completely into bitcoin that we are safeguarded our mineral resource value from currency and share fluctuations that will inevitable occur as conventional fiat currencies are reconfigured in the not too distant future as a result of QE pressure. I answer you questions below but would like further comment or questions and Thanks again for your support.
https://creditorwatch.com.au/express/asic/organisation/119439691More so since ASIC in Australia in the mining business is not something I know a lot about. I have faith in your team and am willing to take a risk, but it would help if you would address that issue.
Answer:
Firstly : we have paid the ASIC fee and hope to have this rectified within a day on the official ASIC website / this issues is solely due to a error in payment transfer by OKpay a number that we have had in the past month
Next, what happens when the IPO fails reach its goal in the nr of sold shares? Is there is a guarantee of a buyback at failure in raising the capital, I could not find anything mentioned about that in the documentation, but I might have missed it. Or is investor loss just implied?
Answer:
Now we are working to make it succeed and we have taken out Advertisments in bitcoin magazine and want more suggestions on getting out to more people since two thirds of the visits to our site are from China we are putting up our offer document in Chinese and have employed a Chinese person we work with in another area to monitor and answer questions on the Chinese forum this should start next week.
If after three months we have not hit our target for round one, I (Patrick T Prendergast ) will subscribe to close round one from funds I am currently in the process of making from the sale of a drug for hepatitis C which I invented and which has completed a 28patient study in Beijing this drug was valued at $75mil prior to patient studies and from the results we expect to license for enough to our company Canopus BioPharma Inc to allow them pay outstanding royalty payments to me to allow me to contribute to complete round 1 and get the EM survey completed which we have great confidence will enhance our independent valuation which should be reflected in our stock price on BTCT and bitfunder .
I look forward to your comments and questions.
Regards
Patrick.
Patrick T Prendergast PhD.
Hope it helps, and make your own conclusions.
