$850,0000 interest for a $4,500,000 facility over 90 days equates to an interest rate of 76.67%.pa. As an extra sweetener the lender receives 4,500.000 three year options with a strike price of 6 cents. PLUS lender gets 100% security over the assets of a $20m gold producer. Maybe Santa Clause is alive and well after al
The MD has excelled himself and deserves SH eternal gratitude for totally the worst uncommercial loan agreement ever negotiated!
The BOD has to go and any SH who votes for their re-election can look forward to writing off their investment as a total loss.
TBA Price at posting:
2.6¢ Sentiment: Sell Disclosure: Held
