The Silver loan payments (with silver) only come into play when the Hayes Creek project is commissioned. If the mine is not commissioned within 5 years (June 2021) the loan converts into shares based on the 30day VWAP, I don't see any cash risk to PNX there.
I have also read the 2016 annual report and see no link to Kirkland lake in it, on what basis is that claim that PNX is just an exploration arm of Kirkland Lake?
I know Kirkland Lake operate the Cosmo mine which is nearby to the PNX tenements in the NT but that is all.
Is there some existing agreement between Kirkland Lake and PNX?
The Silver loan payments (with silver) only come into play when...
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