Resource Capital Gold Corp GDPEF

amount owing to creditors

[LeftBook]

I see $20M owed to creditors excluding amount owed to Sprott Lending.
Is that right ?

It also seems to be amounts owing for services rather than long term lenders.
I was expecting more longer term financing.

---

That said, it is roughly in line with one year of expenses per the PEA.
Basically cash starved by design for the bulk sampling year.

$36M ( =  21,000oz of gold, $1250/oz USD, 75 loonie )
- $12.1M
= $24M/yr

---

[damianchosenone]

20million? Where do you see that amount owing and to which creditors?

[LeftBook]

Jack Cartmel's letter https://www.pwc.com/ca/resourcecapital It lists the amounts owed by :  Resource Capital Gold Corp (RCG),  Maritime Dufferin Gold Corp (MDG),  Maritime Gold Corp (MG),  Flex Mining (FM). The four components owes money to each other. MDGC and MG owe each other $11.3M and $11.2M. There are lesser amounts owed between themselves. They all owe Sprott

[LeftBook]

As a going concern ... It needs a larger credit facility. It may need more shareholders but at what dilution of book vs payout It can also sell the gold in the ground via royalities or equivalent Atlantic sold gold on the futures market.

[damianchosenone]

You cannot sell the tax credits unless you sell the entire company.

[LeftBook]

tongue in cheek ... they could sell an old microwave bundled together $20M of tax loss credits for $20M. But there would be big hit on the capital gains of selling the microwave. I will leave it to management to figure out a tax efficient way to manage the tax loss credits

[damianchosenone]

Gary is in Australia. Jack is not doing any negotiating. PwC is and they could care less about shareholders

[LeftBook]

I guess pwc would sell the assets for the price listed on the balance sheet. $32.88M total  assets (no tax-loss credits) - 20.00M total owing (including Lewis and Act2) - 8.5M Sprott Lending = $4.38M $4.38M/175M shares = 2.5c/sh 

[damianchosenone]

Not sure where you are getting these numbers. Spoke to george young and he said rcg owes: 7 million sprott, 2 million cra and 4 to everyone else.

[LeftBook]

Your numbers are different than the claims listed in the four NOI Form 33 https://www.pwc.com/ca/resourcecapital It lists claims of :  Resource Capital Gold Corp (RCG) $11.39M   Maritime Dufferin Gold Corp (MDG) $24.56M  Maritime Gold Corp (MG) $19.79M  Flex Mining (FM) $8.81M The four components claim money from each other. MDG and MG claim $11.3M and $11.2M from

[damianchosenone]

I cannot believe what I saw when I opened those forms: jack Cartmel listed his company Numis, Andrew Wilson, George young, John Levings, ian pringle, Gary lewis and his company act pty2 as well, sprott mining whom is Gibson all as creditors that company owes money to. They all worked for RCg. Why do they get cash and we loose out if we are the ones that invested. So they get money for poor

[kenmar]

Hey Damian, Maybe you could ask Greg Gibson to explain the following- While there can be no assurances that the Company will be able to raise additional financing in the future, or at favourable terms, if needed, management is of the opinion that additional financing will be available to continue its planned activities in the normal course of operations It's been in all the financial

[damianchosenone]

I know a group that wanted to offer 2 million a few months ago and they rejected it!

[damianchosenone]

Hmmm. I"ll ask him wednesday. He said they are meeting sprott lending Tuesday. He seems like a nice guy but what I heard from management and former employees is quite the opposite and when I told them that he wants to rescue rcg , some said he is the one that ruined it. Sometimes the shadiest politician sounds like the nicest!

[therager]

LMFAO about Gibson all the sudden being a white night and wanting to save RCG.  He could of affected that a long time ago and a lot cheaper.  Sprott Lending is in control here and Gibson has no role in that decison making process.  laughable

[therager]

Go back and review Damian's posts on ceo regarding Greg Gibson.  He posts under bluedevil1979. He stated that Gibson was pretty much the sole reason for the demise of the company and Gibson hired his son and bought or leased shoddy equipment.  Now, becasue he had a phone conversation with Gibson, Damian thinks he is a good guy.  Based on what?  Now, Greg has promised to get

[kenmar]

 Ask him if Bonterra is moving east! Their old management is gone now as well. 

[damianchosenone]

Heard from many that Gibson is shady. I bet if you are invested in Bonterra or Kirkland you dont think so!

[kenmar]

 Never met the man, so I wouldn't know what he's like.  p.s. I wish i was in Kirkland Lake. 

[damianchosenone]

Who does mdgc owe money to?

[LeftBook]

mgdc owes $24M. I substracted off amounts that the RCG's components owe to each other. Leaving $16M https://www.pwc.com/ca/en/car/resource-capital-gold-corp-et-al/assets/resource-capital-gold-corp-et-al-013_020419.pdf