Spyglass Resources Corp SGLRF

Going Concern?

[Kherson]

Those of you who are still invested in this nightmare may want to review note 2b of the Q1 2015 Consolidated Financial Statements. Now that the Annual Credit Review has been extended yet again and the present BOD can no longer legally function, nor it's replacement found, SpyGlass is most likely toast! I believe that they will be seeking CCAA Protection before the end of this week!
Kherson

[timebuster]

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[darkstream]

-credit review was extended once to June 30 -where do you get extended more than that -some members were voted back -lenders will have some say on what the board will look like -expecting there will a resolution by June 30

[stockster1]

This post has been removed in accordance with Community Policy

[Kherson]

Actually Darkstream, the credit review has indeed been extended twice! One has to dig deep into the 2014 Annual Financial Statement under note 9 (Long Term Debt) and the Q1 2015 Interm Financial Statements under note 5, (Long Term Debt) to understand what is going on with the credit situation, as SpyGlass never issued a NR concerning the first Credit Review Extension! The 2014 AFS states

[iawyll1]

This Kherson fool is an expert in CCAA protection !! LOL

[Kherson]

Iawyll1, if you think that you actually do have something useful to contribute to this SH board, now is the time as SpyGlass is in a very tight squeeze here and shareholders are about to get fleeced! I must admit that I was surprised to learn that Darkstream did not know the particulars of the Credit Review situation and sadly, I now know that he was not the only one! Kherson

[cadiATS]

This post has been removed in accordance with Community Policy

[Kherson]