Crikey MNut, how did you find out about the Eritrean Tax? I completely missed that one. That whole deal was terrible...firstly we lose our significant interest in a project worth about 9 Billion $ in exchange for undervalued scrips in SGC, then we pay a heap of tax on top! That tax payment should have been factored into the issue of the SGC script and at least covered by SGC as part of the abysmal deal. You are correct about the sale of shares..about $1.5 M sold in last Qtr so guess it is one of the ones you mentioned. At the current rate of cash burn involved with developing Zara, and the need to raise such significant amounts to cover the Eritrean debt, I would suspect either a significant dilution is about to occur and/or Eritrea is going to exchange the cash owed for script in the company. The latter is the best possible of the options as it is likely Eritrea will enforce partial ownership of the Zara project in a similar manner to Nevsins Bisha development. Better now than later with even further dilution!
SBS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
