GREY:LRTNF - Post by User
Comment by
Sherry35on Jan 06, 2023 12:10am
95 Views
Post# 35206124
RE:RE:Company was not in compliance with its covenants
RE:RE:Company was not in compliance with its covenantsThe biggest issue from a logistics point of view is legal reprresentation for the common share holders who are now creditors? Unless the common share holders form a group and hire a legal firm, each holder will have to submit a claim against the PGM estate. Mr. Sprott and other 10% common share holders will have an easier time filing claims. The lenders and leasing companies will have an easy time filing claims given the small numbers.
The disgusting part is the lawyers and court appointed monitor will take 20% to 30% in legal/servcie fees in the first five years should the CCAA action go on that long. The common share holders could get 32 cents on the share based on a quick napkin calculation.
The great thing is the entry point on a mine that has 1.653M ounces at 6g/t (very rcent NI 43-101 report), functioning mine and high exploration potential.