Perplexing...The March 31, 2015 financial statements said we can increase our participation in
BMC to 39.5% for $2,654,348.
The June 30, 2015 financial statements said we can increase our participation in
BMC to 40% for $2,880,000.
What gives? Which is right? And if there was a change, why were we not notified?
Ferrometals contributed $2,000,000 to BMC in June. As a result our share of BMC
is down to 29.5%. Note 13 of the financial statements says that subsequent to June 30th,
Ferrometals contributed another $2,000,000 to BMC. This $4 million does jive with the
figure Anthony Julien gave in his Q&A. Does this mean, and it probably does, that our
percentage ownership is now around 27.3%??? How much do we have to come up
with to get back to 32.5%? Is the figure 27.3%, 29.9%, 32.5%, 39.5% or 40% of the
$4 million???
This probably means some bigtime dilution ahead if we have to raise money at these
levels, not to mention warrants...
It'd also sure be nice if management kept us informed of our dwindling ownership in
BMC, rather than subtly disclosing it in the financials...