OTCPK:FRSAF - Post by User
Comment by
JohnEStromJron Nov 17, 2011 12:47pm
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Post# 19245411
RE: Where we go from here?
RE: Where we go from here?As a part of their due diligence Goodwin should have known just what to expect. Evidently he didn't. Which is to say he lacks the competence to be the President and COO of Fire River. To ship dore that can't be refined by a refinery is incredible to me. To ship dore and not tell shareholders is even more telling. It does not matter if this is an operating gold mine when your COO burns through over $10 million since the end of July and has to rush out and make a deal where he uses the entire assets of the company of [then] $35+ million to get a $7.5 million loan. We are in danger of not being able to pay back that loan which is only a one year loan. 12% interest, a $50,000 fee to Sprott for the 'privilege' of borrowing it, their right to buy $750,000 in stock at a 10% discount and using the entire assets of the company to guarantee the loan? Not impressed. The stock is down to
.28 per share - a drop of 40% in less than four months. Richard Goodwin should not be the President or COO of Fire River Gold Corp in my opinion.