Fiduciary Duty to ShareholdersLet me address Indefatigable's sentiment and others whom may feel that way:
There was a Bonanza drill in late January Press Release. The other drills looked good. The company announced that Majjor Drilling was coming down to the site with another deeper drill. And additional drills. The drilling was being "ACCELRATED".
Cordoba shareholders and the company are leveraged to the drill bit 100% right now until a FS. Maybe it's 18 months and $10M. Maybe its $50M and 3 years.
IMO it was a good deal to hook up with HPX and RF. But a deal is a deal.
So why change it now? CDB is levereged to HPX drill bit right now, and the drills are turning. Why change that. If you look at the circular, the reasons that this BOD gives are NOT tangible. Increased liquidity..........so what. IF you force RF and the brokered PP owners to buy CDB in the open market, with limited liquidity.........guess what happens to price? IT goes UP. IF you see RF increase his position in the open market, thru open market purchases, guess again what happens to SP. It goes UP.
HPX increases their control over Cordoba thru the majority share ownership, AND the majority control of the BOD. And we will suffer FUTURE DILUTION in order to raise money to continue to develop the San Matais property with this new deal going forward.
In the old deal there is ZERO dilution going forward until we reach a FS. I see NO indication that Cordoba/HPX JV has stopped spending money, that the drills have gone home, etc. In FACT, there are future results pending, one of which has visible gold.
LOOK, IF thi turns out to be a large discovery, and Cordoba/HPX are sandbagging us here on the drill results, that they are intentionally holding back drill results (I mean come on, who really knows what is going on activity wise and what is being reported accurately to shareholders down in Colombia on the property.........
(For example I read the early February PR. THose drills were already on their way from Canada when the company announced it. THey were going to start drilling that next week.
We have only had one round of PR of drill results since early February, and that was in md May, it is freaking July.................Where are the drill reults..........They have the deep drill and other drills, they were going to drill for more CBM veining, AND other deep drills on known targets...........lets see some results on deep drills at Monteil, Monteil East, and Costa Azul..............) . Why are there not more drill results for all the drills and all the targets?
So, it seems to me, that the MORE likely scenario is that HPX/RF are in a rush to consolidate control of the Cordoba company.........since they already have 51% control and are the operator on the property............The simple question to ask is, IF the rocks suck, or are marginal, when why would RF be rushing to control CDB majority shares and majority of BOD.....................all at TAKEUNDER prices!!