OTCPK:FRSAF - Post by User
Comment by
JohnEStromJron Nov 13, 2011 2:37pm
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Post# 19233601
RE: Small producers and output rates
RE: Small producers and output ratesFastTrade, With gold at or above $1600 for many months that can't be the reason. They would [or should] be producing all of the gold they can produce. No one knows what tomorrow will bring but it's nonsense to think they would be holding back production on the one hand and collateralizing a $35 million company for a ridiculous $7.5 million on the other. That's 5X the asset value for the loan.If they had $7 million on the books at the end of July with a little more than $1 million in debts and now are needing to borrow then this company is being horribly mismanaged by Richard Goodwin and he needs to explain himself - or go. That said, I hope anyone who calls Fire River will be polite to Nina LeFleur. Remember, she is very limited in what she can say and I'm sure Richard Goodwin would fire her if she said too much. She is not the problem. President and COO Richard Goodwin is the one who needs to explain himself and why this Sprott "Loan Facility" was needed and why we needed to use ALL of the company's assets for this loan, pay a high rate on interest AND a loan fee AND give them $750,000 worth of stock at a discount. He is not much of a COO - unless he's working for Sprott.