Back to Dubai for some funds, very lucrative for FORTUNE given the notes are issued at $100 and redeemable for $130 within 6months no interest charges just a 30% margin for 6 months if I am reading it correctly and the processing plant is mortgaged again.
So it would seem that given the borrowings are paid back in gold from CTO's share of the gold mined that they expect to produce circa 13,500 oz gold over the next 6 months!! 13,500 x approx US $1200 oz x 40%(CTO's share) = US$6.48mill includes the 30% redemption margin. Sounds good to me they must have found a nice vein down the hole, bring it on.
Back of the envelope calculation only, feel free to correct it.
DYOR My thoughts and ramblings only
CTO Price at posting:
1.7¢ Sentiment: Sell Disclosure: Not Held
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