7936567 Canada Inc SWYDF

From Wills stockwatch blog

[griefman]

Will Purcell is one knowledgeable guy in the business and I pulled out from his blog from yesterday these two paragraphs:

“Unfortunately, nary a knight of any hue rode to the rescue, so Stornoway has now confirmed a letter of intent with its main secured creditors, including the Quebec government's Diaquem Inc. and Osisko Gold Royalties Ltd. (OR: $16.09), whereby they would acquire all Stornoway's assets, assume the company's debt owed to the secured creditors and cover the continuing costs of the mine. (They are still shelling out cash in anticipation of more Stornoway losses: The secured creditors have provided $20-million as a working capital facility, a sum they say may be increased at their option and their options appear to be few at this stage.)

The creditors will presumably seek a buyer for Renard, although they appear to be conceding that they will get back just pennies on the dollar -- the dollar amount being nearly $700-million in current and long-term liabilities. Stornoway carried the mine on its books at just under $500-million, barely half its value at the start of the year, but even that lowered valuation now appears overly optimistic.”

Now if Osisko bought Stornoway as some have surmised and maybe been mislead from news articles, why would the creditors be looking for a buyer?

[acedabjuly2018]

This is not your "normal' LOI , quite a few things do not make sense here regarding the ownership/selling of the company, i really hope the proper channels looks a bit deeper into the ongoings and details of all these transactions.

[griefman]

I did find this after going back to the June 17 materials change on SEDAR, and you can clearly see that these 5 entities were LENDERS, not actual BUYERS (or am I missing something?). IN WITNESS HEREOF, the parties hereby execute this Bridge Financing Agreement as at the date first above mentioned. DIAQUEM INC., as Bridge Lender Per: (Signed) Authorized Signatory Name: Title: Per: Name

[acedabjuly2018]

You are not missing anything, i also only seen matters related to "lenders" nothing else.

[griefman]

It seems certain language used is a bit confusing to us lay people? NR from Osisko’s website: Osisko Announces Credit Bid Transaction in Regards to the Renard Diamond Mine   Download in pdf   MONTREAL, Sept. 09, 2019 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (“Osisko” or the “Company”) (TSX & NYSE: OR) announces today that it has entered into a

[Infirstmoney]

Osisko has essentially bought the,"assets", and not the publically traded company. The "creditors", of which they are one, has agreed to let them control and run it. If they can sell it to a Diamond, "operator", fine, otherwise I am sure they are fine with taking it over for pennies. Osisko controls the debt group, and the debt group now controls the fate of SWY

[griefman]

Infirst, agree, but the Media keep referring this as Osisko BUYING SWY...not exactly the case.

[Infirstmoney]

Osisko will add it to their holdings, when all the banks and lawyers sign off on a bankruptcy settlement. Only condition probably being, that the banks and the Canadian Gov't affiliated company get a few loonies. They get it, in exchange for the money that they lent SWY.  SWY not expected to ever trade again.  Osisko are very good managers and allocators of capital. SWY managers

[Infirstmoney]

Osisko will add it to their holdings, when all the banks and lawyers sign off on a bankruptcy settlement. Only condition probably being, that the banks and the Canadian Gov@t affiliated company get a few loonies. They get it, in exchange for the money that they lent SWY.@ SWY not expected to ever trade again.@ Osisko are very good managers and allocators of capital. SWY managers, well, not so