82% of options converted by holders, page-47

Good posts loki but let's not get too concerned about this, at present, hypothetical situation.

If the KMC recapitalisation goes ahead, all it's debts will be repaid and it will have $2-$4 million in the bank. It's assets are currently valued at around $10 million and I imagine they will written down substantially.

So after the recapitalsation, KMC will likely be fully valued at around about $7-9 million??? (my guesstimate).

If PXG were to take a 19.9% stake in the company it would cost us about $1.4 million which would include $400,000 cash (19.9% of $2 million), so effectively paying only $1 million for the stake.

These are purely speculative numbers only but for that money I believe PXG could receive a 19.9% shareholding in those tenements and resources you mentioned, the ball mill, approvals for the crushing circuit, and perhaps take over the ore purchase agreement with Barrick.

Must admit I don't know much about the practicalities of these things but as you mentioned KMC are in big trouble and sadly for their SH's they are desperate. Whatever agreement PXG may make, it will be at bargain basement prices, otherwise KMC will fold.