jc agreementwith pp does have some presedent backing on covid.
When covid crashed copper price in last winter and spring, ncu went from 35 cad cents to 6 cad cents. Ouchs!!! They had huge debt shortfalls.
Lenders made deals and major sh backstopped the restart while allowing minor sh opp to participate.
Gib had 80 mill cad in bank. Lots for care and maintenance if shut.
Need 30 mill interest for 1 year bonds. So pp put 35 million to bank for 115 million.
Participants instantly took 12% of that from existing sh. That is 13 million.
Now only 17 million invested. At current copper price q1 gives them 12% of another 50 million and on and on. They still keep there 12% of flir, gib, ymi, and alley and np.
The up side is 35 million is there.
That is 12 cad cents per share.
Still a bit ticked:))
nf