The rest of GBKWhat about Jilin Jien's 50% stake in Raglin? Can anyone tell us the dirty details of that agreement?
Here's some facts their web site:
- Goldbrook was the largest landholder in the Raglan region (approximately 891,000 acres). I said "was" because in August 29, 2008 Goldbrook entered into an option and joint venture agreement with Jilin Jien Nickel Industry Co., which is controlled by the Chinese government. The following agreement resulted:
>> Jien now owns a 45% interest in those 891,000 acres by providing funding of $45million over three years for exploration on the property. They will own 50% of GBK by the end of the year. That's 50% of the original holdings of GBK sold for $45 million. When you think that GBK didn't put a dime up front for Nunavek
>> any expenses for further exploration will be shared costs, funded 50% by Jien and 50% by Goldbrook.
>> Jilin Jien may earn an additional 10% interest by funding and completing a pre-feasibility study. Then it will be 60% ownership by the Jilin Jien Nickel Industry
>> Jilin Jienmay earn an additional 5% interest by providing Goldbrook its share offinancing for development on commercial terms in which case Goldbrookwill repay its share of the debt from a portion of the net cash flowfrom production. Then GBK will be down to 35% of their original ownership.
Anyone else see a pattern here? That's just the info that we've beenprivy to. What else haven't they told us? Is the Nunavek deal tied tothe Raglin deal? Is that why it seemed to good to be true?
I have 2friends in this stock. Let's keep the discussion realistic and practicaland drop the "this stock is worth $3" crap. What you need to do now isfind out the truth, and make astute trading decisions based on facts.