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Glen Eagle Resources Inc V.GER

Alternate Symbol(s):  GERFF

Glen Eagle Resources Inc. is a Canada-based small producer and an exploration company of precious metals in Canada and the Central America area. The Company is engaged in the acquisition, the exploration and the evaluation of mining properties. The Company operates in two segments, which are the exploration and evaluation of mineral properties in Canada and recovery of gold and silver from tailings and rocks in Honduras. Its phosphate property (Moose Lake) is located in the St-Jean Lake area (Quebec), approximately 150 kilometers (km) south of Lisette Lake. Its La Cobra property is composed of one claim covering about 775 hectares (ha) and located in the Valle Department, Honduras. Its Piedra Dorada and La Moloncasa properties are located about 164 km south of the capital city of Tegucigalpa in Honduras. The properties are located 17 km to the east of Choluteca where Glen Eagle operates gold mill. The Piedra Dorada and La Moloncasa properties cover an area of about 1,000 ha and 400 ha.


TSXV:GER - Post by User

Comment by greasycheyon Mar 13, 2021 9:43am
103 Views
Post# 32792442

RE:RE:RE:RE:RE:Eric Sprott to the Rescue

RE:RE:RE:RE:RE:Eric Sprott to the Rescue

I think having to shut in the plant completely really destroyed their limping along quarterly cash flows from the plant just enough to pay for working capital. With that source gone due to covid and then the weather/covid in later part of 2020 - they needed cash desperately. 


So relative to their status quo which was limping along paying working capital and borrowing the odd loan from insiders - this is a fast paced use of cash. 


600k from palisades, 287 k private raise + recent 250k sprott raise - all in last 6 months - HOPEFULLY is going towards things like really bugging up spare parts purchases (ie the optimization talked about of plant), drilling (not cheap and hopefully something learned), purchasing volumes of ore (we had no cash at all as mentioned above , now apparently we have 120 t/d ore deliveries that need to be bought - good thing ) , and working capital for employees etc ..... we need to finally spend to get this dead horse moving finally (I hope) and maybe , just maybe this thing finally turns around ? 

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