Fire saleLooks like BCU has had it. All properties for option, or what have you. I had no idea the company was carrying this much crushing debt. What is it, $4-5 million?
In this environment I wouldn't expect too many takers. As I said in many previous posts, I liked this company but they took on way, way too much. Should have just concentrated on one or two copper projects instead of trying to grow into a mini-major.
Say they are able to option out some of these properties, what are they going to do with that debt? No one is going to make those kinds of payments to them. I see either massive dilution followed by rollbacks, or one of the debtholders demanding payment leading to a forced sale of the assets and a winding up of the company.