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Red Lake Madsen Mine Ltd LRTNF

Pure Gold Mining Inc is a gold mining company, located in the heart of Red Lake, Ontario, Canada. Its vision is pure and simple, to build a profitable, multi-generational growth company in the world-class gold mining district of Red Lake. With 100%-owned, fully constructed operating PureGold Mine, a multi-million-ounce gold endowment, and significant exploration upside, the company's value-maximizing strategy is to pursue operational excellence, while investing in systematic exploration and phased expansions to fuel discovery and growth for the future.


GREY:LRTNF - Post by User

Comment by Sherry35on Mar 13, 2023 5:09pm
49 Views
Post# 35336027

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Michael Oliver Gold update, PGM = 3way split merger..

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Michael Oliver Gold update, PGM = 3way split merger..The requirment for an acceptabe offer is "be made whole" i.e. 100 pennies on the dollar. That;'s the optimistic target but given the scoping study necessity, this is not a realistic goal. PGM, CM and Sprott are trying to squeeze a higher bid for the assets. The buyer doesn't give a darn about the creditors or sharehoilders becuase they can write off their losses. To a certain extent so can the buyer but they are taking a big risk with investors money based on NI43-101 report, mill and ramifications of PGM's cost cutting. Something you made reference to involving PGM mgmt's utilization of funds beloning in part to hard working investors. And I feel your pain on this with these small cap companies.

As I pointed out earlier, the unsecured creditors will want a portion of the sales proceeds. The question being are they prepared to join forces and hire a law firm. It's up to the court monitor to seek consenses becuase Sprott Lening is going to fund appeals for everyone.  I predict (aka SWAG) 70 cents to Sprott and 30 cents to unsecured. With the CCAA service fees, the sale proceeeds will have to be approx. $115M CDA. I think the Sugar Lode was bought for $120M but I maybe wrong. Confirmation would be appreciated.

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