GREY:RDEMF - Post by User
Post by
wiseyoungmanon Jun 27, 2017 5:24pm
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Post# 26410915
46M no chance
46M no chance No chance of this Company raising $46M based on my prior post. What idiot would pay $0.35 for these units when the trading is now at $0.28. Further, there is no guarantee whatsover they will even raise 50% of the offering. This Company is headed towards a Plan of Arrangement or better known in the US as Chapter 11 further down the road. All the Company's assets are pledged as security for the debt owing for the mine build. The unsecured debt holders and shareholders get wiped out. Same in Canada as in the US. Company will likely emerge recapitalized with debt holders the new heads of this Company.
I am glad I sold out my position yesterday but ME BAD for missing the warning sign I posted about many times the past few months on lack of drilling news on adjacent targets. They were drilling this based on Company presentations since late last year. If those results were good, the Company would have been able to survive this storm and do an easy bought deal at a much higher price. This Rights Offering was the only viable option left. However I can't imagine anyone buying the RO. The F/S the last quarter are horrendous.
The Company's June presentation is a 1 page cover page now.
GLTA