RE:Maybe a Squeeze Out These debenture offerings may not turn into shares, period. Aura has loaned EGX $900,000 or so in the last 2 months and no money due till November, 2015 with 12% interest. We could sell the company by then and never see more dilution than the 300,000 now.
I cant see this "squeeze" being the plan. In order to issue more shares, you need 2/3 vote from the board. Laing has a few million shares, Lee has 500K, along with a few other members... they would be cutting their own wrists approving more shares to Deller. Deller is the money. Regardless, we HAVE to offer debentures. We need working capital !!!! I dont know about the rest of you but I tend not to work for free. Exploration companies DO NOT have earnings. Besides, What exactly would Deller do after he bought it? Hes a millionaire no doubt but hes not a billionaire! Does he have $600,000,000 to get the mine operational? He owns retail clothes shops and a few small investing shells such as Aura. Hes a soccer coach... he has no background in Geology or gold mining. He has this many shares because HE BOUGHT THEM! He was not given them... If you want controlling rights, become a millionaire and buy them yourself. Otherwise, STFU and let these guys prove up and or do whatever they are doing to make more money. If Deller sat on the side lines and we needed money, you all would be kissing his a$$ begging him to loan EGX the money to get things done. I for one and pro Deller and I appreciate the fact that the guy is willing to fasttrack out MET work and PEA without waiting for debentures to shareholders. Not to menton that Laing allowed the debenture offer to us lower totem pole investors when he could have gone to Deller and got it. He actualy made the comments in a NR about doing it for the shareholder. Unfortunately the vultures here of late did not get in on it. Im some tired... long day.
This money could be used to drill copper into the indicated catagory. It could be to hold us over until gold rises. Either way, with Gold at $1150... the last thing you want to see right now is the PEA. When it was to be complete, we were near $1240ish. While I have no doubt that the PEA is still pretty, I would prefer to wait and see it in a month or two when Gold goes back about the $1300 mark.
I do a lot, and I mean a lot, of research on Laing, Correa, Deller, Jinping, Beaty, Lundin, all the big wigs and some little guys in companies and Laing is not like these other guys. Google videos on as many CEO's as you can, including Laing and see how many videos Laing has.... 1. He has 1 video online for plains creek. Hes raised billions of dollars over his career now at 63 years old. These other guys have hundres of videos all doing the same thing... pump pump and pump some more. Seriously, Beaty loves to here himself talk!! All they do is talk up there company in order to get you to buy them with no REAL incentive. Laing has never done that. He always seems to get investors through proven resources. I am not saying that it isnt nice to hear from him once in a while, which I havent gotten a resonce through email yet. We do hear from him but what can he tell you that you don't already know? We already know everything he can leagally tell us. He can reinterate the fact that he is shopping the company around, PEA coming on such and such a date but doesnt that go without saying for a junior exploration company? Id prefer he didnt fill us with $hit like other CEO's do when they talk about companies to gain interest and generate cash flow.
I, for one, would like to see them drill copper and the second strike length to prove up the double amount of copper as I mentioned was a possibility last November. With 1.5 billion infered and .8 indicated proven to be 2.3 billion lbs DOUBLED to 4.6 billion lbs. That (proven) extra 2.3 billion lbs is worth about $6.8 billion. Can I wait a few more months, if they are drilling, for this added value? Putting our value at over $20,000,000,000.... Yep!
GLTA my fellow longs and posters. Let the vultures fill their belllies and move on!