Does anyone else think this is a play for the Banro assets? (i.e. a functioning mine)
I'll re-port here my speculations on Banro. December 20 seems like the 11th hour for them.
Things are not looking good for debt laden Banro:
- Banro has elected to defer payment of the approximately US$4.94 million interest payment due on December 1, 2017.
- No "Event of Default" will occur if the Interest Payment is made within 30 days of its due date (i.e. the end of December). Banro will utilize the grace period to continue its ongoing discussions with its major stakeholders.
- The Toronto Stock Exchange has advised Banro that it has commenced a review with respect to whether Banro continues to meet the requirements for continued listing of its shares on the TSX. A meeting of the Continued Listing Committee of the TSX to consider whether to delist the shares of the Company is currently scheduled for December 21, 2017. Trading in the Company's shares on the TSX is currently suspended in accordance with the cease trade order issued by the Ontario Securities Commission on November 20, 2017.
Anyway, highly speculative to be circling around in a vulturous like manner, but given the operations of VEC in Maniema, this does provide some food for thought on this area for an acquisition... and also a forewarning about what can happen in the DRC. Banro pumped quite a bit of capital into these mines and they may be soon be going at fire sale prices.
VEC Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
