Strange Game.Look at this sequence of events:
- Sept 23 - 10:1 share consolidation ~17.22M
- Nov 15 - CEO John McClintock resigns leaving part-time CFO and no managment team. Remaining controling directors include Javier Reyes who was Accendo Bancco. I believe there is a LOC facility and loan outstanding with the collapsed Accendo.
- Dec 12 - GGA signs agreement for $2.16M with John McClintock's fund Calu Opportunity Fund. Loan convertable to 21.6M shares at $0.10 (~56%of company)
- Dec 19 - Private placement for 5.7M shares at $0.10 from unkown party.
According to the financial statements and MD&A released on Nov 14, the company has no published resources. It is mining without a resource or reserve. It has high current liabitiies and increasing losses.
Can anybody explain to me what is going on here? Was the PP a move to block the take over of control by Calu? Who took over the Accendo Banco Loan?
On surface this company look like nothing. There is the Cerro Prieto Mine that is mining rock that is not a part of a resource and loosing money at it? There is the claimed 50% interest in Dyna Resources' San Jose Garcia Mine, in which the Mexican