RE: RE: RE: MD&A out on Sedar Nice post production05,
What I find so disturbing here is the complete worst case scenario price this thing is being dumped down to.
You have to wonder if management just doesn't have any connections whatsoever when it comes to financing, partners etc. Last October they did one of the most ludicrous amendments I've ever heard of....giving away what I believe at the time was a million bucks in shares to extend the maturity date on some of their debt a few months. One of which was a $1.5 million promissary note. Making deals with the devil never turns out well and I wouldn't put it past the debtors to be trying to dump the share price down the toilet with their free shares to put pressure on the company for some more horrible terms. There is absolutely no reason a company that will more than likely produce 35-40 MILLION dollars worth of gold this year, make 5-7 MILLION dollars in net earnings, profitable every quarter etc etc be trading at a bid market cap of $27 million. I think they've done a great job getting the mine up and running after a few bumps in the road...but dam...lenders should be fighting over who gets to refinance the debt at a lower interest rate and companies should be in a bidding war to take this company over. Instead we trade at multi year lows? Gimme a break.
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Maybe if the Board of Directors assumed their roles fully and exercised their fiduciary duties they would by now have corrected some of the situations which have dragged the value of this Corporation down the hole, with its constant mis-management and failed executions.
High time that Cris Berlet be asked to take a hike and go deliver his half truth and false promises elsewhere.
Pretty hard to offer excellent terms to a borrower when the party sitting across the table has zero credibility and demonstarted lack of delivery on comitments and finger pointing in every direction for failure except his own seat !
I bet you if you kick Berlet out, the share price improves immediatly by 25% !
Long long overdue.....