GREY:MGXMF - Post by User
Comment by
allenjameson Aug 03, 2022 3:39pm
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Post# 34869170
RE:RE:Bay Mag is 35 miles from Driftwood ! So What ?
RE:RE:Bay Mag is 35 miles from Driftwood ! So What ?stan: We will not get a take over bid. JL will not take that route. We may get Driftwood spun out as Zinc8 was. This means, We get get shares in the spin out Company. The Buyer then does a reverse take over and we get shares in the resulting new compay. This means the take over will be a type of joint venture and will not require the buyer to put up a large sum of money for purchase of Driftwood and gets a public company for the (now) privately held company.
The Bay Mag plant needs a new source of pay dirt and Driftwood is 35 miles away. Last year a deal was done with a much less valueable property in BC and the pay dirt is shiped to Nevada for processing. Shipping the pay dirt 35 miles is very cheap by rail or by truch. Shipping lby truck and then by rail to Nevada of low grade pay dirt is much more expensive but is being done. Bay Mag has a full mine and Mining trucks sitting idle at this time.
The deal above is much more profitable than any modern Gold mining venture in the world. Now am I pumping this stock. NO!!!!!!!!!!!!!!! . Point, no one can buy into this company as trading is halted. We have to wait just one more month for the Authorities to make a decision as to the future of JL. JL has a problem not the share holders of MGX M. At the present time no one can do a deal with MGX M as the board is in a dsiputed position. The shares I hold and you hold Stan are not in dispute. We own what we own. We own assets worth a very nice amount of money thank you JL !!!!!!!!!!!!!!!!!!
Hold my view or your view as you wish. Does not matter, as we cannot buy or sell our shares, as the trading is halted. This is not flogging a dead horse is it. People in. will win !!! The people who got out can not buy back in at this time and have lost.. I sit here with a big smile, as not trading does not bother me. I have been a mainly private equity Guy all my life and it does not bother me one little bit that I cannot trade.
There is still more on the table. MGX M has buyers for the Silica projects (muiltiple) and a deal with either project will supply the cash for MGX M to develop the second project with the profit from the first project. MGX M still holds shares in Zinc8. We are a very long step from being out of the money.
GOOD LUCK TO ALL INVESTORS.