Peter Schiff is the CEO and a prolific publisher/commentator. Most likely everyone here has read an article of his somewhere.
What's interesting about the Placement was that EPCI was engaged by SSN to be lead Placement agent for the proposed equity or equity linked offering. In the Engagement Letter, the following is stated under terms:
(a) We will seek to assist you to raise capital through the Offering of Units to institutional and accredited investors (the "Investors"). We expect that the Offering will result in gross proceeds to you of up to $5 million. The actual terms and amount of the Offering will depend on market conditions, and will be subject to negotiation between the Company, Euro Pacific and the prospective Investors
(b) Although we cannot guarantee you that we will be able to raise new capital, we will conduct the Offering on a best efforts basis and we are confident that we will be able to consummate the Offering on terms that are mutually agreeable to you and the Investors.
$5M was the target of the Offering ... as directed by MOB as minimum amount of Equity to be raised. The Engagement Letter implies EPCI will act until it is completed or the the engagement terminated.
With the Use of Proceeds from the Placement being noted as WC primarily for FB, I'm wondering what progress is being made on raising $10M for BB repayment prior to 30th June.
Nothing yet on SSN response to NYSE:MKT (deadline was Apr 13th)
GFTA
SSN Price at posting:
0.6¢ Sentiment: None Disclosure: Held
