Intersting deal with NFR is going to be signed
In the last financial report you can read on page 9: "(i) On July 25, 2016, the Company announced that it had entered into an option agreement for its Thierry Mine Project located in Pickle Lake, Ontario. An option had been signed with Northern Fox Resources Inc. ("NFR"), an arm's length private Ontario company, whereby NFR can earn a 70% interest in the Thierry Mine Project. Salient points of the agreement are (i) payment of $100,000 to Cadillac within 45 days of closing (received in October 2016) (ii) issue of 6,000,000 shares of NFR to Cadillac within 60 days of closing (received in January 2017) (iii) issuance by NFR of a note for $8,000,000 to Cadillac as a first charge against NFRs option interest in the property. The note will be retired by Cadillac proportionate to work expenditures by NFR on the property as outlined below and issuance of an additional 8,000,000 NFR shares to Cadillac. The work program consists of a total of $13,900,000 in total expenditures on the Project. The note retires at three points in the work program as follows; (a) after an expenditure of $8,000,000 in defined activity to be carried out over a 36 month period from closing, 30% of the note will be retired and there will be a proportional issuance of 2,400,000 shares as the work progresses (b) upon completion of a feasibility study by the 42nd month from closing, following which an additional 40% of the note will be retired and there will occur a further issuance of 3,200,000 shares and (c) the final 30% of the note will be retired and a 2,400,000 share issuance will occur upon acceptance of an environmental study by the Ministry ."
So NFR is going to invest 13 million into Thierry Mine. This would be very intersting.
My question: Does somebody know how much the 6.000.000 shares CDC got from NFR are worth. NFR is privatly hold. Do You know a source to find out what are they worth?!
Just remember CDC is having a MKap of about ~ 2 million. with NFR finanzing (for 70% of the mine) the next step it is getting more and more attractiv.
JIMHO Michael