RE:Tip Of The Iceberg?PruneFace wrote: Gibson's answer to everything, print paper.
'In addition, the Lender has agreed, subject to all prior regulatory approvals, to convert all default interest due and owing under the Credit Agreement to January 31, 2015 into 3,015,039 common shares of the Company at a deemed settlement and issuance price of $0.31 per common share.'
So the company didn't pay back any of the outstanding principle?
Fortunately, the office copier is still working, able to print out 3,015,039 shiny new shares to get rid of $934,662 in accrued debt.
Hope that Sprott has better luck with his 31 centers than the trade creditors had with their 50 centers last May.
Wonder if J Frank and Sean will take paper for their debt/stipend/expenses?
Great news thought As long as the copier holds out, it doesn't matter that the BL and QR are shuttered and on maintenance mode, as they can just print paper without the cost of finder's fees.
Gosh...didn't director Gibson do the same thing with KER recently? He got rid of $343,900 in debt by issuing 4,912,862 seven centers (Sprott seems to have been a better negotiator, LOL).