Gold X Mining Corp. GLDXF

Metals & Mining Industrial Metals & Minerals

Gold X Mining Corp. is a Canadian junior mining company developing the Toroparu Gold Project in Guyana, South America. Gold X has spent more than US$150 million on the Project to date to classify 7.35 million ounces of Measured and Indicated and 3.15 M-oz of Inferred Gold Resources, develop engineering studies for use in a feasibility study, and define a number of exploration targets around Toroparu on its 53,844 hectare (538 km2) 100% owned Upper Puruni Concession.

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Gold X Mining Corp.

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Comment by mjl777on Jul 06, 2015 3:20pm

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Post# 23895576

RE:Frank Giustra

It's difficult to believe that there wasn't a cheaper and more straightforward option available to raise a measly $3.5 million. Right from the get go Sandpring is giving up 39% of the existing company. Based on the company's recent MC, shouldn't 39% translate to something in the ballpark of $7.0 million in consideration (w/o considering the co.'s recent depressed share price which doesn't reflect the inherent value of the company's assets)?

Not sure why the warrant kickers were needed at all. PNO already has 5,000,000 warrants exercisable at $0.15.

$3.5 million for 39% (plus the bump from the warrants) of SSP seems like the deal of the century for Guistra et. al. Would be interesting to find out when these negotiations started.

Does anyone else think that the deal is unfair to Sandspring's ordinary shareholders?

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