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Hi nk. Looks like you know a fair bit about the gold business....

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03/08/18

09:12

Post #: 34701386
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Originally posted by nk ↑

The directors tell us BS is worth between $50 and $70 million according to an expert.

Yet they offered this asset as security for a $3million loan paying 15% interest rate. . Wonder what the default rate is.

That is:

They were willing to put at risk a $50-70 million asset for a $3million loan to develop a risky narrow vein mine. And that loan was repayable within 6 months of drawdown, ie about now.

I think the Bible says something about loans like that!

Why the hell would you do a deal like that versus a placement for $3million?

One of the directors, Cooke , put in $500k to this loan syndicate. His money was safe, on default the syndicate had security over a $50million asset. Plus he got 15% and options.

What if a syndicate member now plays hardball and wants there money back? The loan is repayable within 6 months of drawdown. Guess what, they get BS if the company defaults. It defaults if it does not renegotiate payment terms . Nasty.

These guys made a really big mess of this. Now the company is in distress. We went from a cashed up junior with a great asset to financial distress in 12 months .

Welcome to the world of junior gold mining .

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Hi nk. Looks like you know a fair bit about the gold business. What do you make of them only getting $3.7m for 3250 ounces of gold? Seems a long way from the gold prices of $1700 an ounce through that period.

AWV Price at posting: 2.2¢ Sentiment: None Disclosure: Held
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Hi nk. Looks like you know a fair bit about the gold business....

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Banshee's historic trenches prove rich in antimony and gold for GDM

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

Cyclone signs MOU with Vale for development of Iron Bear play

Tyranna wraps up lithium drilling in Angola; says looking for other projects with different metals

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Hi nk. Looks like you know a fair bit about the gold business....

Top Stories

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Banshee's historic trenches prove rich in antimony and gold for GDM

Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

NT Gov't delivers environmental approval for Empire Energy's Beetaloo Carpentaria pilot gas play

Cyclone signs MOU with Vale for development of Iron Bear play

Tyranna wraps up lithium drilling in Angola; says looking for other projects with different metals

Featured News

Buyers (Bids)

Sellers (Offers)

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