TSXV:WMG.H - Post by User
Post by
StockJockieon Mar 02, 2021 5:20pm
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Post# 32698167
$210mil Gem Finance
$210mil Gem FinanceI saw many of you just asking about this and tucked away in the audit report was this part.
"Subsequent to October 31, 2020, the Company received notice from GEM Global Yield LLC SCS (GEM) of its intention to arbitrate a threeyear capital commitment agreement entered into with the Company on November 19, 2019 (see Note 14 below).GEM claims that the Company has breached the agreement and is demanding the payment of $4,200,000.As at October 31, 2020, the Company had not received regulatory approval of this agreement and not drawndown any funds under the credit facility. The Company believes that the claim has no merit and will vigorously defend against it. No provision has been recognized in respect to the claim as there is no present obligation and the probability of settlement cannot be determined."
In other words they never took a draw against the money and now Gem is wanting to sue to get back what they have lost in shares and interest on what should have been borrowed by West Mag. West Mag is claiming the TSX never approved it so it wasn't a valid deal. What in the actual f*** is going on over there at the corporate office. Why am I hearing the metal won't be produced till Q3 this year now. Where is the press about the commercial site that has already been signed for since December of 2020. Consulting fees and diligence cost but you are holding back another press. Like I have said before, Sam needs to go. He hasn't meet his obligations as a CEO and driving this company into the ground. Sam has now jeopardized another major finance deal and the previous deal is wanting to sue the company. Way to go Sam. Here we are 2 weeks from the Mar-O-Lago event and it's clear they shouldn't be attending at this rate, at least not with Sam as CEO.