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4.7¢ vango mining limited

also any news released by a company Friday after market close is...

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Petersburggray

344 Posts.

147

01/04/22

21:05

Post #: 60592584
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Originally posted by Petersburggray: ↑

Terms on this deal are terrible. Vango has pledged their interest on plutonic dome marymia tenements so lender get tenements when VAN default. First tranch of covert has two year maturity with face amount of $9mm but VAN only get $7.5mm cash but got to pay 10% interest on the full $9mm face amount and pay lender a Vig of 2.5% or $187k up front. From $7.313mm VAN receive from lender,, van got to pay back existing $1.5mm outstanding line, potentially $2mm to$3mm of legal fees from Superior as ordered by WASC, and $900k per year interest so VAN left with less than $2mm to $3mm liquidity for next 12 months. This bond indenture demonstrate true value of VAN interest in plutonic dome/marymia tenements, namely about $7mmm and not the $40mm market cap of van common.

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also any news released by a company Friday after market close is bad news.

VAN Price at posting: 2.9¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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