BGM hasnt paid Sprott a dime on the 15 mil. Look again.
As of Nov 30 2014 Gold loan is $ 15,451,297 . . If they paid Sprott why would they be in default and have had three extensions or is it four extensions. You need to read a little closer before you post more of your useless crapppp 15. GOLD LOAN FACILITY (CONTINUED) During the period ended November 30, 2014, the Company negotiated an extension and waiver in connection with its existing Gold Loan Facility agreement with its lender. The Lender has agreed to waive any events of default under the agreement until January 31, 2015. During that time period, the parties will be reviewing potential loan amendments. The agreement remains in full force and effect. As at November 30, the Facility is presented as follows: As at November 30, 2014 the minimum contractual cash flows for the facility are $18,750,000 (note 18 (c)) 16. SHARE CAPITAL a) Common Shares The Company is authorized to issue an unlimited number of common shares without par value. As at November 30, 2014, 126,634,706 common shares were outstanding. The holders of common shares are entitled to receive dividends which are declared from time to time, and are entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards to the Company's residual assets. During the period ended November 30, 2014: 1. The Company issued 13,783,000 shares at a price of $0.50 per share for proceeds of $6,891,500 under a private placement. The Company paid finder’s fees of $267,500 in relation to this private placement. 2. The Company completed a shares for debt settlement, where the Company issued 3,000,000 common shares of the Company for settlement of trade and other payables totalling $1,500,000. Accreted principal, Principal Embedded Transaction Total net of transaction costs Derivatives Costs At inception 15,000,000 $ (4,612,257) $ (623,602) $ 9,764,141 $ Interest expense 1,536,670 110,165 14,895 1,661,730 February 28, 2014 16,536,670 $ (4,502,092) $ (608,707) $ 11,425,871 $ Interest expense 3,768,546 226,285 30,595 4,025,426 November 30, 2014 20,305,216 $ (4,275,807) $ (578,112) $ 15,451,297