RE:So sprott owns 40% now ?marketdiva wrote: What's to stop him from accumulating another huge chunk at a lower price and taking this thing private ?
so when will the next PP be to raise money for drilling and operations ?
The latest share-for-debt transaction won't take place until after the meeting on June 30. I'm pretty sure that it'll be passed; however, if it isn't, then BGM would be in default and the lender would get the hypothecated assets.
After the meeting, should it be passed, then there'll be about 200 million shares out. Bit unwieldy, IMO, and hardly conducive of a successful PP strike price.
Maybe a 1-to-10, 1-to-20 rollback and a PP at a buck? BGM does need cash and other publicly trading companies associated with Gibson, etc. are also short on cash and also long on outstanding shares, so maybe an asset swap for BGM paper, a consolidation, and PP for $50 million might be doable?
IMO, there won't be too much revenue in the short term from present operations and blue sky just might attract punters if marketed by Sprott.