EM2

1.82%

5.4¢ eagle mountain mining limited

Ann: Positive Assays Provide Development Options at Oracle Ridge, page-24

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25/05/23

22:27

Post #: 67969740
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Originally posted by mjshackl: ↑

This is my concern.

Current MC of 30 million - CB has issued the company a loan for 3 mil. That's 10% of the current MC.

If you take into account the shares CB owns (approx 30%), he's getting up to the point where he technically owns more than 40% of the company.

If the SP drops further he'll get to the point where he's owning + owed >50% of the company - if the loan matures and EM2 have no way to pay it back (say, they can't raise the capital) he could force the company to receivership and he'd be first in line to be paid back as a creditor. He could just say, sell me the business for what you owe me. The company gets delisted, CB owns 100% of it again and he can continue to fund it himself, with maybe some private equity until the market improves.

And if you scoff at this, it wouldn't be the first mining project in the world where impatient creditors get the asset for cents on the dollar.

Expand

Why would charles bass found a company, pour money into it, quite recently and not including the latest loan. Then liqudate it because of a small debt when the company still has a reasonable number of shares on issue and no debt ?

This company has no issues currently raising capital and shouldnt in the future. They also have charles bass clearly willing to continue to pour money in if need be.

Not to mention as already mentioned it's clearly going to get converted to equity.

EM2 Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
6 Upvote

2 Great analysis

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(20min delay)
Last 5.4¢		Change -0.001(1.82%)		Mkt cap ! $21.21M

Open	High	Low	Value	Volume
5.6¢	5.7¢	5.4¢	$40.23K	732.9K

Buyers (Bids)

No.	Vol.	Price($)
1	60809	5.4¢

Sellers (Offers)

Price($)	Vol.	No.
5.7¢	14240	1

View Market Depth

No.	Vol.	Price($)
1	60809	0.054
3	256000	0.053
2	355000	0.052
3	398000	0.051
4	134500	0.050

Price($)	Vol.	No.
0.057	14240	1
0.060	106868	2
0.061	34500	1
0.062	44550	1
0.063	59102	2

Last trade - 15.12pm 02/08/2024 (20 minute delay)

EM2 (ASX) Chart

Ann: Positive Assays Provide Development Options at Oracle Ridge, page-24

Westgold sets its sights on top five producer status through merger with Karora

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Ann: Positive Assays Provide Development Options at Oracle Ridge, page-24

Top Stories

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Featured News

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Sellers (Offers)

Featured News