RE:RE:Takeover?... Golden Phoenix lost their 30% interest in Mineral Ridge when they 'defaulted' on a Waterton facility and it was liquidated at auction. Waterton bought the 30% interest for pennies (no other bidders) and became SGNs 30% 'partner'/related party in Mineral Ridge. After running into trouble with their 'loan' with Waterton, Royal Standard Minerals 'sold' their Goldwedge and Pinon properties to SGN. SGN assumed $12M in additional Waterton debt as part of this transaction. SGN appears very 'married' to Waterton and for some reason Waterton (to this point anyway) treats SGN differently than they have treated other 'partners'. What are Waterton's plans for SGN? I sure hope SGN is able to continue paying its Waterton debt.
Will Borealis/GGN be the next promising property in Nevada to be completely seized by Waterton? No idea. Waterton has already 'acquired' a 64% interest in Borealis through a seemingly lopsided 'JV' that originated in just January 2013... 'JV' included terms that were impossible to satisfy and would ultimately lead to near complete dilution of GGNs interest in Borealis property in JUST 7-8 months. How is this a 'JV'? Shortest one I have ever witnessed. Why did/would directors/maganement do this? Where is the fairness opinion? What other options were coinsidered? As a shareholder I have no answeres to any of these questions and that is NOT RIGHT.