Post by
digingdeep on Aug 04, 2015 8:02am
RED EAGLE MINING EXTENDS OFFER TO ACQUIRE CB GOLD
GOOD RED EAGLE!! LETS KICK BACK NAVARROS GROUP TO THE HOLE THEY CAME.
On June 24, 2015, CB Gold announced that the Private Placement would be led by the Navarro-Grau Group, the same related party who was frustrated in its attempt to acquire CB Gold’s primary asset a day earlier. Red Eagle Mining applied to the British Columbia Securities Commission (the “Commission”) seeking an order to cease trading any securities issued under the Private Placement (the “Cease Trade Application”). The Cease Trade Application was made on the basis that the Private Placement is a dilutive transaction designed to frustrate the ability of shareholders to consider Red Eagle Mining’s Offer, and as such is an improper defensive tactic contrary to the public interest. Despite CB Gold’s objections, the Commission decided that it would hear the Cease Trade Application and scheduled the hearing for July 3, 2015. On July 2, 2015, just prior to the hearing, CB Gold withdrew the Private Placement.
In conjunction with its announcement of the Batero takeover bid, on July 24, 2015 CB Gold announced that it had closed a $575,000 equity financing with Batero, which is also controlled by the Navarro-Grau Group and is not operating at arm’s length. This was closed without any prior notice, providing no opportunity to apply for a cease trade order with the Commission and despite shareholders overwhelmingly voting against the OM.L Transaction at the June 23, 2015 Shareholders’ Meeting.
As said before, such shares should not be counted. and shall be ceased. BCSC will tell.