RE:When...? why so long ?
perhaps the short answer is control and money
RCG has 175M shares out and needs about to $20M to continue operations.
An investment of $20M for 175M shares would give someone else control.
11.4c might be a number to watch.
Eric Sprott has 34.0M shares invested at ~15c
Gary Lewis has 17.3M shares with lower cost basis, but surely valued higher
$18.2M claims including Sprott Lending
* $8.5M Sprott Lending + 2.2M SISP/DIP
* $2M Gary Lewis
* $2.2M CRA
* $3.3M claims of smaller creditors
Shareholders get last say.
That said, between 2016 and 2018 $18.1M of investments were done at an average of :
(33.2-15.1)/(175-45) = 13.9c/sh
Then there are the questions ...
Would Lewis invest his 2M and at what price ?
Would Sprott Lending continue to provide a credit facility ?
Does they want out ?