RE:UpdateI find it very stange that the entire GGN Board has seemingly resigned post-Chapter 11. Not one insider was interested or felt a duty or obligation to at least attempt some sort of reorganization of a 36% interest in a producing gold asset in Nevada? Really? I find that truly unbelieveable.
In Dec 2012 it was full steam ahead... signing new deals for heavy equipment for virgin ore mining (which according to filings WAS DELIVERED TO SITE at the the end of Dec 2012 by the way... more on that later)... By Jan 2013 they are so strapped for cash they sign an agreement which leads to complete dilution within 6 months. This JV agreement supposedly left them with inadequate cash flow to complete audited financials to Mar 31 2013. Really? Why would you sign such an aggreement? If things were indeed that bad why wouldn't you have declared Chapter 11 in Jan 2013 instead of signing such a dilutive agreement? Nothing makes any sense. Shareholders deserve explanations. No wonder no one has any confidence in markets.
Caterpillar Financial Services Corporation
On December 6, 2012, the Company entered in to a financing arrangement with Caterpillar Financial Services Corporation (“Cat Financial”) for $5,601,746. The funding provided for the purchase of three pieces of heavy equipment: one loader and two off-highway trucks, which were delivered to the mine site at the end of December 2012. The loan is amortized over 48 months and accrues interest at a 2.9% rate. Payments consist of a down payment of $560,000 followed by four consecutive monthly payments of $298,019, with remaining monthly payments of $97,845. During the nine months ended December 31, 2012, the Company paid $546,462 in principal, leaving an aggregate balance due of $5,055,284.
Read more at https://staging.stockhouse.com/companies/bullboard/t.ggn/gryphon-gold-corp#4uld890HAk86DzRa.99
Caterpillar Financial Services Corporation
On December 6, 2012, the Company entered in to a financing arrangement with Caterpillar Financial Services Corporation (“Cat Financial”) for $5,601,746. The funding provided for the purchase of three pieces of heavy equipment: one loader and two off-highway trucks, which were delivered to the mine site at the end of December 2012. The loan is amortized over 48 months and accrues interest at a 2.9% rate. Payments consist of a down payment of $560,000 followed by four consecutive monthly payments of $298,019, with remaining monthly payments of $97,845. During the nine months ended December 31, 2012, the Company paid $546,462 in principal, leaving an aggregate balance due of $5,055,284.
Read more at https://staging.stockhouse.com/companies/bullboard/t.ggn/gryphon-gold-corp#4uld890HAk86DzRa.99