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Greencastle Resources Ltd V.VGN

Alternate Symbol(s):  GRSFF

Greencastle Resources Ltd. is a Canada-based diversified company. The Company has interests in gold and base metals exploration and oil and gas exploration and royalties. It also has strategic investments in other companies. The Company operates through three segments: Investments, Oil and Gas Interests and Mining Interests. The Company's Investment segment comprises its investment in marketable securities and investment in private and public companies. The Oil and Gas segment is comprised of its oil and gas interests. The Mining segment is comprised of its mining interests in Canada and in the United States of America. The Company has a royalty interest in one oil and gas property in Alberta.


TSXV:VGN - Post by User

Bullboard Posts
Comment by zalmonellaon Feb 20, 2019 12:22am
142 Views
Post# 29386308

RE:RE:VGN ownership of DVR

RE:RE:VGN ownership of DVR But VGN's investment in DVN not reflected. 

A dog it certainly is.  Deveron earned $164,000 last year, with income growing only 10% so far over the past year.  Three yars ago they said they would already be at $1M in sales last year.  Greencastle will not see any money out of this til it's earning $1M a year at 50% gross margin.


Meanwhile Greencastle's corporate kitty has been raided again and again to fund this wretch.  When I bought Greencastle, it had a good producing well, $4M in the bank and only 24M shares outstanding.  That shoudl tell you how long I've owned it.  It's gone from having $0.16 in cash and agood income, to having $0.06 in cash with absolutely nothing to show for except shares in a company that is 1/3 "goodwill", a well with a bigger cleanup liability than production, and some moose pasture.

What really hurt was spending a fortune on "investor relations" for so long.  Now that there's nothing at Greencastle to promote, I see the same company have moved on to promoting Deveron, again at high cost and to absolutely no effect.  Since Jim Pirie is the only common denominator between teh two companies, I'm starting to wonder whether Jim has a useless son he's trying to keep off dryugs by getting him an "investor relations"  job sitting at a desk phoning people telling them how great the companies he represents are.  IR has cost both companies an absolute fortune!

 

Bullboard Posts