Red Lake Madsen Mine Ltd LRTNF

Sprott Confirmation on asset sales etc.

[Sherry35]

Well ... this is interesting. Will the highest BID win? Will Sprott Lening II get 100 cents on the dollar? I jst answered one of the two questions.

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[shelby2]

this is to much legal jargan , i just want to know the bottom line, how much will we see from this mess

[MAZZMEX]

Sounds like it's going bto be an "all share purchase"

[shelby2]

where do u see the price offer and from who would u think?

[MAZZMEX]

Have no idea... The thing is I believe there can be some shady backroom deals that we'll never hear about..In my opinion, in an honest world it should sell for muliples of where we are sitting now but from our perspective, only God knows.. Whoever buys it, being in the industry, knows that the coming years will see a major gold revaluation and with those kind of grades, it will be well worth

[UptickHedge]

Shelby no one can answer that... this is court monitored and sprott lending needs its $170 mil or a solid plan to repayment. The company is insolvent. There is no company. Sprott lending runs the decision making up to $170 ish mil recovered. 100 cents on the dollar. Unless PGM can raise money for investment and bring in someone competent (JV)  - finding money and then executing a new

[shelby2]

thanx for your opinion, and well said, guess we just wait to see hope for the best, 

[Sherry35]

UptickHedge - Well said "But it's against all odds when one looks at precedent in CCAA to be too hopeful for common shareholders. This one might be different a bit but maybe not.. Time will tell I guess." However, this would mean the estate would need more than $280M (secured and unsecrued claims combiuned)  for common share holders to particpate in the distribution. Those two

[UptickHedge]

Contacting ksv is good advice.  PGM would certainly need to be get north of 200m before common shareholders started to get even a whiff of anything - not sure how you got to 280 exactly? But regardless the overall question is... If you're one of these insiders and you have a multi billion dollar asset in distress, the worst thing you can do is sell it distressed. All parties will

[Sherry35]

I just spotted my mistake before reading your post. I noticed it while playing around with a spreadsheet to see the breakeven price for making the secured and unsecured creditors whole. I incorrectly read the claim report thus doubling the number. Brain fart. My apologies for misleading the forum. To take it one step further, a major like AngloGold will low ball it to reduce what may have been in

[Sherry35]

Replace "initial outlay" with "BID on PGM assets". I can't see AngloGold going higher than 10 cents on the dollar. They can use their CNIL on the common shares to offset gains in other investments. This would lower the PGM asset BID on the books so to speak. This would leave some money left over after making the creditors whole.

[UptickHedge]

Sherry, Anglo owns a lot more than 9% just FYI