They don’t need Spain period
- The Villas “acquisition” is at a $6mm AV ($3mm for 51%) versus appraised value of $0.4mm and DM acquisition cost of lower. It’s 15x+ fair value! And it’s not even actual ownership or control, merely an earn-in. GGG is obligated to spend the full $3mm even if the first $1mm of drilling is inconclusive. The terms are outrageous and shareholders may have a legal case against the board and the company that did the fairness opinion.
- Company doesn’t need to own another asset to be listed. And if one were required, then one would do a global review to identify the best opportunity (not done) or pick up any license on the cheap, least of all a low-grade prospect owned by a director in mining-unfriendly Spain
- The pay raise and option milestones stink.
Appears Welsbach is doing a Trojan Horse takeover of GGG to access its $$$.
Clear as day
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Ann: Notice of General Meeting/Proxy Form, page-118
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