Red Lake Madsen Mine Ltd LRTNF

Can someone please explain

[EvilPelican]

Without screaming and yelling I don't fully understand the press release.  Can someone explain.  Are pgm shareholders getting anything, if so what, if not please explain how this is legally possible.  Now would be the time for knowledgeable people to teach us.

[shelby2]

Evil as far as i can read this mess is PGM shareholders will get nothing, why not involved not sure. sprott made a desperate deal to get his share out. most deals ive  seen shareholders did get something even small, but not here, cant believe this the mill is worth a lot more alone

[Cryptobreak]

Seems like the NR was wrongly written.. If they really aquire all the shares of PGM, that should include our shares. So if we are to get nothing, that would mean they are not aquiring "all" the outstanding shares.. There should be a clarification news release to shed light on this important point... 

[jake12116]

Talking with broker yesterday, that's what he said , they get ALL of the shares, 

[shelby2]

so jake as u say they get all our shares how is it we get nothing? why take them? guess we hope the court sees this is wrong and makes them pay us something, i hope

[jake12116]

According to broker , the directors , or who ever is responsible for the company at this point, is in control of all shares

[Bill66]

I agree that we need some explanation.  When the mine got shut in I fully expected that, since the PGM liabilities may exceed the assets, the value of my shares could fall to zero.  But they will still be my shares, until the company is wound up and they are cancelled.  And meanwhile the company's assets (the mine, machinery, etc) will end up handed over to other stakeholders

[Sherry35]

Bill< Shelby and Jake ... - I would phone your broker and acquire about the appropriation of your shares. The shares are your property and the certs are registered in your name with the Transfer Agent. I would call the Transfer Agent as well. I'm wondering if Sprott Lending can write off the loss given the compnsation. With getting shares as compensation, theie tax structure chnanges in

[jake12116]

Let's slow down, this has to be approved by courts, there's a good chance it will be , however for now it's not , probably wouldn't hurt for other shareholders to call KSV 

[shelby2]

maybe right jake but can we stop this, not thier stealing our shares for zip, stole the company for 6.5m when the mill alone is worth more then 100m not counting the property, so west lake takes this for pennies and pays only sprott just to avoid BR. thier must be someone to offer a better deal, christ its a gold mine, they pay drillers 250,000 to drill 1 hole i would call kvs jake who do i ask

[shelby2]

i hope the court sees this is a bad deal, and stops this, shareholders getting thier shares stolen for nothing wheres the fairness, why should only sprott get paid, rip off

[Sherry35]

It is up to the judge to determine the fairness of the arrangement for the registered creditors. The lawsuit is the only representation you poentially have in the CCAA action because the PGM share holders aren't on the creditor list. There is a potential of the lawfirm filing for a carve out or having the WRLG shres relased to the PGM shareholders. Did you sign up with the law firm driving

[shelby2]

yup i did thanx

[Sherry35]

I wish you all the luck in the world in being compensated.

[Dcgraphite1]

Hi, is it possible to have the contact detials for this law firm? we have to stop this madness, with gold at all time hights it's impossible we get nothing for this mine when at some point it had a market cap over 1 billion!

[Cryptobreak]

Lol, the judge will get its cut to approve the deal just like management will for screwing its shareholders...

[Dcgraphite1]

Hi, can you please explain the role of KSV and how can it help to call them? I can not believe shareholders can be left out of this crazy deal. Thanks

[jake12116]

Google KSV pure gold mining  it's all there , 

[shelby2]

sherry then what get them to stop the transfer i deal with a bank. how can they take my shares away and give me something for them ? this deal is a shame

[shelby2]

Sherry what would this do can we keep them, they assumed all shares and we get noting

[Bill66]

Thanks to helpful links posted by jake and Reid I think I now understand it (I'm a Brit who bought my shares through the LSE, and the RVO concept was new to me).  The deal as it stands will indeed take all our shares and leave us with nothing.  Sprott is the only secured creditor - meaning he made a loan to PGM with the express condition that he gets the assets if they can't pay