I just tripped over a nugget that may, or may not, have a bearing on this 'acquisition' saga.
The timeline fits like a glove and although nothing can be proven (due to CGB's silence / non-disclosure) the corresponding dates of announcements are so coincidental it's not funny imo....
23-09-2022 - TH followed by Suspension req re proposed acquisition to be ann'd by
04-10-202203-10-2022 - 1st Suspension Extension req for ann on/by
14-10-2022No info offered / disclosed as to the acquisition target which would be quite normal practice due to confidentiality between the parties involved.
The coincidence occurs here :-
https://stockhouse.com/companies/bullboard/cgld/eon-discovery-group-inc?postid=3501702611-10-2022Beverly Hills, California, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Buscar Company (OTC: CGLD) is putting up for sale its wholly owned subsidiary Gold Mining LLC for $3,500,000 that owns 30 unpatented claims consisting of 600 acres in Plumas County. The Plumas County claims were staked, recorded, and then
moved into a wholly owned subsidiary to facilitate the sale and to keep them separate from the projects the Company is currently developing.
Preceding all this in Feb '22, it was announced by Buscar on 10-02-2022 that Mars Mines were joining them in the JV with an initial investment of $500k (prob USD)
Then only 3 weeks later, Buscar changed their name to EON Discovery but kept their Ticker.
The USD $3.5M Buscar/EON were asking is around $5.5M AUD
The last info the Market has on cgb Cash on Hand goes back to end Dec '22 which was $8.37M AUD
Affordable BUT it'd probably have to go to a shareholder vote.
Very high risk too because it'd be just for Exploration and more cash required - more dilution and even more salt into current shareholders' wounds.
S.F took a 50% salary cut a while after the suspension was put in place.
That obviously preserves some cash BUT also looks good if supporting votes are needed by at least the top20.
Dyor as always.
No harm in looking at things from different angles eh, plus, we're not being given any info whatsoever.
Enjoy the weekend all
AE
