Allied Properties gets Dragon for loan payment

  1. 851 Posts.
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    Based the Dragon release 01/09/2014 one could think that there is interest
    in buying Dragon for overprize 0.13 A$,
    actually situation is much more brutal:

    1.Eurogold invested directly and through Brinkley Mines possiby
    about 15-20 million A$ to Dragon mining.
    For example in 2010 Brinkley paid 3 million A$ for4.5 % of Dragon,
    see Eurogold release Date: 27/01/10 19:52

    Lots of money is also lost in Tanami gold Release Date: 29/03/10 20:03

    2. Eurogold runs out of cash and looses quotation in ASX. To pay salaries of bosses
    major owner Allied Group provides loans with high interest
    like 12 %. The amount of loans is 1.750 million A$ at the end of Q2 2014
    EUG release 30/07/14 15:28.

    3. Allied Group promises to buy the Dragon for 0.13 AUD per share
    providing a total of $2,811,077.10 (before costs).
    -> Most of the money goes to pay back high interest loans to
    Allied Group
    = in other words Allied Group takes Dragon shares for Eurogold's loans
    EUG release 1/9/2014
 
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