Do not sell to BINTANG or JD so cheaply! Reading this board gives me a much needed chuckle sometimes..........don't listen to these idiots telling you were going bankrupt. Do you think Waterton would throw 12.75 MILLION dollars down the drain? Do you think Sprott would allow their investment to go up in smoke? Has anybody even read the credit facility with Waterton?? I've posted it below for your review, it is completely based on FAU PRODUCING GOLD!!!!
The circuit is there and being installed, there have been issues but we ARE still producing and soon to be producing much more with the circuit. It's been a rough ride and I am certainly not happy with the transparency Management has shown but that's why this is a junior and that's what you get with the majority of juniors on the Venture. We are in much better shape then many other companies on this exchange, don't let the people here scare you into selling your shares, they have an agenda other then your best interest at heart............trust me. Do your own DD and then decide to sell, hold or buy. I have always looked at the people that made big money on juniors and realized that they were the ones that accumulated on the way down. I'm backing up the truck.......first tranche of financing coming soon!
ThyFish
VANCOUVER, April 23, 2012 /CNW/ - Fire River Gold Corp. and Mystery Creek Resources Inc. (the "Company") (TSX.V: FAU) (OTCQX: FVGCF) (FSE: FWR) is pleased to provide additional information concerning the $12.75 million gold-backed credit facility (the "Credit Facility") with Waterton Global Value, L.P.("Waterton") previously announced April 3, 2012.
As previously disclosed, the Credit Facility bears interest at a fixed rate of 5% per annum, consists of a single drawdown on closing and is repayable in 18 monthly instalments, beginning October 2012. The Credit Facility may be repaid, at Waterton's option, in either cash or ounces of gold at 78% of the then prevailing gold price.
As part of the transaction, the Company has also agreed to sell to Waterton all of the gold and silver produced from the CIL plant until April 30, 2014 pursuant to a gold and silver supply agreement (the "Supply Agreement") at approximately 99% of current prices. This represents approximately 20% of the mined product; the larger portion is sold under an existing agreement with Glencore Ltd. in the form of a gold and silver rich copper concentrate.
In connection with the Credit Facility, the Company paid Waterton a cash structuring fee of $255,000 and issued warrants (the "Warrants") to Waterton to purchase 8,250,000 common shares priced at
.23575 per common share. The Warrants expire three years from the date of closing and are subject to a four month hold period in accordance with applicable Canadian securities laws. In addition, the Company paid a finder's fee of USD $255,000 to Global Hunter Securities.