Post by
Rock9011 on Mar 21, 2024 4:34pm
To Late to Close a Deal Now Before Arbitration
Whats at stake?
Who really knows. ETTG"S BOD don't share information with their shareholders. For a public company this is pretty sad.
One could assume there appears to be 3 issues.
1- Tax equity issue - failure by operator to procure.
2- Likely a disagreement with the operator on who has to pay MG for their 34% slice of the pie. ETG already gave up 80% for 35 million dollars worth of exploration - hardly a months production from this mine. If 80% was only worth 35 million dollars, 34% of the remaining 20% should only be worth
$2.975 million. Pay MG $2.975M for their 34% and call it a day. - Highly unlikely they would agree to that yet ETG is supoosed to be happy with 80% for 35M.
3- Failure of the operator to make a reasonalbe effort to explore the entire JV property to determine value.
The pitiful attempt of exploration since 2022 doesnt cut it. Especially when the operator has not shared all the results of the core analysis form 2022 to date let alone anything drilled in 2023.
The operator has essentially done nothing in the last 20 years. As they havnt held up their end of the JV the JV should be cancelled on the grounds of Failure to Perform. . ETG couild then auction their holdings to the highest bidder.
Comment by
raphaelle2 on Mar 21, 2024 8:59pm
I have already seen settlement reached halfway through arbitration week! With RT, everything is possible! GLTA
Comment by
ScotUK on Mar 24, 2024 5:46am
Its a scandal the way ETG has been treated by these two! When does the arbitration begin and how long is it scheduled for - anyonbe? Thanks