OTCQX:BGMZF - Post by User
Comment by
halcroon Jun 09, 2015 1:45pm
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Post# 23811827
RE:RE:RE:RE:Company debt free on 1 July 2015.
RE:RE:RE:RE:Company debt free on 1 July 2015." Of course the question is what did current shareholders gain from the Sprott investment? Roughly a 50% dilution and no further advancement on the properites. .
On 2013-09-24, BGM announced that it had negotiated a $15-million loan, and announced on 2013-10-08 that BGM shares would trade on October 09, 2013.
Outstanding shares at 2013-09-24 and 2013-10-09 were 109,700,649.
Trading opened at 52 cents, touched 63 and closed at 57 cents.
Here we are, 608 days later and, after burning through $15 million in borrowed cash, $1.5 million in paper-for-debt to trade creditors, presumably a cash payment to Sprott of $2,187,501, maybe $26 million in gold revenue, and another paper-for-debt payment of $ $ million to Sprott....the outstanding paper will have ballooned to 192,983,078 shares (an increase of 76 per cent) and the share price has plunged to 24 cents (a decrease of 58 per cent).