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clock Created with Sketch. 15/03/22
22:51
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Originally posted by Petersburggray:
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Rockshell VAN treasury will not see a penny of SGI $3mm CAPEX into K2. This $3mm go into the ground for improving haul road, drilling boreholes to dewater K2 underground, purchasing generator sets, fuel tanks, pumps, pipelines etc necessary to bring K2 and the four fully permitted open pits at PHB into production. With less than $400,000 in the treasury as of 31Dec21 how is VAN going to pay its 50% share of K2 CAPEX once SGI invest first $3mm to earn 50% undivided interest in K2? Also how is VAN going to pay Superior cash for 80% of SGI legal bills incurred over last 5 years of litigation? Does VAN have funds to defend itself against ZAG, who is seeking over $21,000,000 in damages from VAN, in WASC later this month? I know VAN mgmt has declared in regulatory filings that ZAG legal action is spurious and will be unsuccessful, but VAN mgmt made same claims about Billabong case and subsequent events have proved they misjudged the facts.
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Well too bad. They appealing it anyway, which proves my case. As for ZAG, I can’t see ZAG getting anything. Maybe they get 4% of K2. As for damages, K2 is not a producing asset, so good luck demonstrate any damage from a non producing asset.
