RE:RE:RE:SGR News ReleaseTedOwens wrote:
When taking into account the direction of previous operational and financial circumstances which were in place with the company prior to Gibson's entrance into the picture, the 2014 performance undertakings were evidently very effective in reining in and slowing down what would have been, in most other similar circumstances, a slide into complete obscurity....
Ted...did you overlook the fact that, after excluding the impairment write-down and derivative, exchange and associate loss, the company's 2014 gross revenue was $59 million, costs of operation were $90.4 million and the net loss was $31.4 million?
For every dollar in revenue, costs were $1.53.
As was contained within the 2015-03-23 news release, "...As a result of continued weakness in gold prices and the lack of availability of new financing from capital markets, the company has elected to suspend all additional development activities..."
IMO, it would seem that additional borrowings/financings are required (or a much higher POG) and, with the existing financing presently not being serviced, it'll take a combination of company concessions and gutsy investors to work out a deal...and the trustee has to agree to it.