RE:RE:RE:Positive developmentsGaberlunzie wrote: The amount of cash needed to put this mine back to operating shape is apparently very small compared to the amount of capital already sunk. The lenders will almost certainly want an equity position and for this to occur will reverse split the existing shares by 20 for one or even a larger number. All that said and done, nobody has yet to demonstrate the mine can be run at a profit in its present configuration of openings. Hopefully Gibson is busy establishing now that this can be done. Jobs for several hundred people are in the balance.
Presumably you're viewed the filings at MNP Ltd?
https://mnpdebt.ca/en/corporate-insolvency/corporate-engagements/pages/details.aspx?title=san-gold-corporation
Of interest:
Third Report of Trustee, dated February 25, 2015
e) Approving a charge in favour of the directors and officers of San Gold (the “Directors’ Charge”), which charge shall not exceed an aggregate amount of
1 This report was included as part of the Second Report (defined below)
3 $2,482,000.00, as security for the indemnity provided by San Gold in favour of the directors and officers;
f) the priorities of the Administration Charge, the DIP Lender’s Charge and the Directors’ Charge, as among them, shall be as follows:
First – Administration Charge
Second – DIP Lender’s Charge
Third – Directors’ Charge