TSXV:ICAU.H - Post by User
Post by
angler21on Dec 09, 2007 3:52pm
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Post# 13992052
Champlain resources
Champlain resourcesI am a little confused.
We earned 70% of Sisson Brook
Champlain Resources has 30 %. We got controlling interest in Champlain Resources (53%). Does this mean that we have now bought a further 15% interest in Sisson Brook and controlling interest in the private company.
Champlain is privately owned. They now have an input of cash into their company (snce Sisson Brook is the sole asset)
Financing today of $5 million dollars represents the budgeted cost of the 2007 scoping cost of 5 milion dollars.
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Financing seems to be the game. They need money to progress and have just depleted $4,164,250.00 so that plus commission brings us pretty close to $5 million plus a bit so any way you look at it company needed to raise more money. Likely hoped we would be trading higher after release of the scoping study. In this negative climate at least we have money in the coffers to work with.