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NorZinc Ltd is a Canadian exploration and development company. It is engaged in the business of exploring and developing natural resource properties. Its key project includes Prairie Creek Project, advanced-staged zinc- lead-silver property, located in the Northwest Territories. It also owns an extensive land package in central Newfoundland.

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NorZinc Ltd > Thought Question

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Post by JohnnyBurnette on Oct 20, 2022 3:33pm

Thought Question

I realize that RCF holds a lien on the Prairie Creek property. But I'm wondering what happens in the case of default. Suppose minority shareholders don't approve the offer in place: Question #1 can RCF just take possession of the property, leaving shareholders out of luck and the company out of assets? Or would the company declare bankruptcy requiring RCF to go through a bankruptcy court to obtain monies due them (but not necessarily the mine?) Question #2 let's assume again that the vote fails and further that they have the property but that NORZINC is in the dustbin. What becomes of the approved permits if the permit holder no longer exists?

I'm asking these questions as I'm beginning to see that RCF has as much if not more to lose than I do.

anyone who knows the answers to the questions above please answer here.

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Comment by JohnnyBurnette on Oct 21, 2022 5:15pm

Interim answer: "Good afternoon, Mr. Burnette. Thank you for following up with us. As the answers to your questions require a good understanding of the law in this area of corporate governance, we will forward your questions to NorZinc and get back to you when we have more information. Best regards, Foday Foday Kanu Director, Operations Tel (416) 637 ...more

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Comment by JohnnyBurnette on Oct 25, 2022 8:55am

<< crickets >> LOL. I love a good game of chicken.

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Comment by JohnnyBurnette on Oct 26, 2022 7:53pm

I'm in the States, and the volume on our board completely dried up. I see that over a million shares sold in Canada, can anyone tell me at what price?

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Comment by stupidemails on Oct 30, 2022 12:01pm

Hi JB, between 3 & 3.5 cents Canadian. Cheers

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Comment by JohnnyBurnette on Oct 31, 2022 3:36pm

Thanks. I sure hope Halloween doesn't get the way of Parks filing their approval today.

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Comment by JohnnyBurnette on Nov 02, 2022 9:45am

What to expect: ***************** Good morning Mr. Burnette. In response to your questions: No, RCF cannot seize the property through default. As outlined in NorZinc’s September 30th press release, the company currently has $6.14 million including capitalized interest in debt which is outstanding. As is typical for companies at NorZinc’s stage of development ...more

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