$800,000 financing good or bad for shareholders
From commentaries on gbb forum it is good. My understanding is that the lenders have secured an 8% interest for 3 years and have the options to renew for extra 3 years indefinitely. They also have the option to receive gold at $800 us in paiement instead, should that option become feasible(decided by who, lender or management ). And if Gbb can't pay interest in dollar or gold the Granada property is to be registered as security against the 3 loans. No mention that I could find that management has the right to repay the loan after the first 3 years . My understanding is that the lenders have really protected themselves.They get interest or gold at $800 us for as long as they desire and if not possible to reimbust the interest or loan the lenders can take action to seize the Granada property, and on top of that I think the proceed from the loan will be used partially to pay their own salary (and work done by their own private company). Is that loan in the interest of all shareholders.