Red Lake Madsen Mine Ltd LRTNF

west lake

[shelby2]

well well we got robbed, nothing for shareholders. sad, this dosnt even cover the value of the mill. do they really call this a buy out , what a JOKE, may as well went BANKRUPT. Jake what u think of Mark now

[Cryptobreak]

You can be sure there was some backroom deal. Management for sure got paid off nicely to give the mine away.. They made sure the SP was kept as low as possible with timely release bad news when Gold price was surging and bid were building.. @ current Red lake share price, if I calculated correctly, they bought us for $.017/share...

[shelby2]

also funny now how on west lake site they say how good this mine is with a new mill and high grade gold   really

[shelby2]

PULCAN  how are ur shares doing now only one buyer and was foe chump change, think the outhouse was worth this, we were robbed.

[Rockormen]

So pgm Shares become west lake Shares due to the acquisition or what else?

[Rockormen]

My biggest worry always was the backroom deal scenario. 

[shelby2]

rockormen noooooo pgm shares go poof , part of nothing, wallpaper, west red robbed us and shares go to the shredder

[Rockormen]

I fail to see how this is possible. But it was however always a scenario I was prepared to face. Light up guys it's a new day, thanks for the ride..

[shelby2]

yup agree rockermen on to the next one, live and learn. hope u make some money back on ur next purchase., Good Luck

[roberto146]

"well well we got robbed, nothing for shareholders." I may be a little thick, but I don't read it that way. If they say 'WRLG will, subject to certain conditions precedent, acquire all of the issued and outstanding shares of the Company' (i.e. the shares owned by Sprott, other major investors, and all other shareholders). 'WRLG has agreed to pay C$6.5 million in cash

[shelby2]

wowwwww jumping for joy if we see 3.5 cents, not much for a gold mine

[roberto146]

"Sprott's share would be about 24% of the fund based on their PGM holding ..." Correction: Sprott (2176423) only held about 6.7% of the outstanding shares of PGM, about 49 million shares. How does this end up as a 24% holding (according to Mining.com) of WRLG? May we expect a 'clarification' of the original news release? As EvilPelican noted: "Without screaming and

[catf7rider]

I believe you may be confusing Eric Sprott's shares of PGM (49 million shares) with Sprott Resource Lending which has the secured debt. Eric Sprott is left in the cold with the rest of us.

[EvilPelican]

Nobody and i mean nobody will think of it that way........ever

[roberto146]

catf7rider: Confusing it is. But the offer is based on acquiring all of PGM's shares including Eric Sprott and his numbered company and presumably converting all PGM shares to WRLG shares to be held in the fund. If the PGM shares are cancelled, how can WRLG exchange all PGM shares for WRLG shares if there are none? If PGM shares are not cancelled, there is ownership to them for all

[catf7rider]

Yes correct, we need a better news release for clarification.

[jake12116]

I will hopefully get back to you guys soon , talked with KSV just now , waiting for the guy involved to call me back , have talked with him before 

[EvilPelican]

Thanks Jake, i need someone to dumb this way down for me please.

[shelby2]

yes thanx for calling them jake hope we all can get a better understanding to this mess, just blows my mind how bad it is, and they couldnt find a better offer, not even a real bid like 500m.

[Sherry35]

The deal has to be approved by the courts. KSV should be updating their site with new documnets very soon. I do have few questions. How does a former PGM share holder get access to their WRLG shares residing in the fund should they want to sell their position? Are they given FUND shares? Is there a dividend? Do the unsecured creditors get anything? What about the lawsuit? All of this should be

[jake12116]

God your annoying  new people her ignore this person  thinks & claims she's smarter than all of us , however doesn't own shares in the company  got burnt holding Nortel shares way to long  still mad 20 years later 

[jake12116]

Thought you knew everything Sherry  your asking questions, not very teacher like  Schools out 

[shelby2]

jake wondering if u got ur call back from kvs, sure like to here what the heck is happening to us

[jake12116]

I didn't  tried back at 4:22 no answer  I will call in the morning  would love to at least express my opinion & concerns  I'll let you guys know as soon as I hear from them or get a hold of them   , they have been great to talk to in the past 

[Sherry35]

Roberto - I was wondering if the $6.5M cash is to cover the CCAA expenses funded by Sprott Lending. This would be paid first before any other considerations. So, I don't think the FUND will get that money.

[roberto146]

The $6.5MM? Carefully parsing the NR you could be right as it's not included in what is to go into the fund, just all the converted PGM shares and the NSR.

[Reid101]

https://www.ksvadvisory.com/insights/article/reverse-vesting-orders-expanding-their-utility