GREY:GYPHQ - Post by User
Comment by
red911on Feb 19, 2013 12:59pm
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Post# 21010743
RE: CEO responded
RE: CEO responded Were any other options explored? Is the current plan feasible? Can we see the plan for success in writing?
Oneil: With shareholder participation we may do a combination of raise equity money, get cash contributions from the JV, or do a debt deal.
This is O'Neil responding to the question re: how do they pay back $5.6M plus interest by Aug 1 2013. Production is not going to support it. Equity... ok but that's 100M or more shares at these prices. To me 'get cash contributions from the JV' means trigger the dilution formula... i.e. GGN trades their required cash conribution for a portion of our 40%. Fantastic. Debt... ok but the terms on debt we have receives thus far from our 'partner' have not been favourable.
IMO Share price has been manipulated to make equity not an option. Mgmt is not delivering on production expectations... why? WGV is being as hard as they possibly could be. The question is why is all of this happening? JTO stated on the call they were 'so close' to making this a profitable mine until the boiler went down... unlikely coincidence IMO but regardless... now we are still over the barrel because of decisions made and agreements signed re: debt due by Aug 1 2013. This while we find out there were other offers from OTHER LENDERS/INSTITUTIONS dating back to October. The fact that there were offers outside of WGV to help GGN should they need more cash makes the emergency sudden boiler failure look even worse IMO. What are the chances? Never did hear WHY this boiler failed. Geez even the cheap boilers in your house last 5 years. Something does not seem right with any of this IMO. Obviously.