RE:RE:RE:RE:RE:Positive developmentsTradernick wrote: Today's hearings essentially identified Beacon Securities as financial advisor acting on behalf of SGR for all its dealings with potential investors in SGR on a going concern basis (sale and investment process requires the investment in, or acquisition of, both the debt and equity of SGR).
Disclosures also stated that there would be a granting of additional time, if required, to satisfy fully the requirements of the SISP (Sale and Investment Selection Process).
I suspect BGM will be the qualified bidder. Just a hunch.
BGM had a negative cash position of $24.5 million as of November 30, 2014; seemingly shut down the BL mine (the source for the mill) as of December 3, 2014; seemingly shut down the mill in early January; will, as of May 15, 2015, owe Sprott the market cost of 8,335 ounces of gold (4,167 of those ounces are eight months overdue); and BGM IR has supposedly advised a caller that there is uncertainty as to whether the BL mine will restart in March, 2015.
For the first three quarters of the 2014/2015 fiscal year, BGM has spent $1.50 in cash for every $1 in revenue, and that certainly won't get better during the December to February shutdown.
What'll BGM use to buy out the SGR debtors owed $75 million plus? Paper (
3 billion freshly minted BGM shares, LOL?)? Eric Sprott's credit card? Them's is the facts...not a hunch