GREY:GBRIF - Post by User
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Markedtofutureon Nov 12, 2017 3:03pm
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Post# 26947884
Re: SII
Re: SIINovember 12, 2017
F6 2 hours ago...
Re: $SII The Quarterly Report was finally posted to SEDAR this morning, presumably that any reportage would not really appear before Monday. I focussed on the Sprott Private Resource Lending, where I believe The Capital Project is domiciled. The Capital Project is an in-substantive debt defeasance(meaning off-balance sheet) that probably originated in 2010, that was used as a source of unrefined dor to be refined as bullion at the Royal Canadian Mint to fullfill the requirement to the allocated and unallocated gold storage of Sprott and The Mint’s physical gold trusts. On Stockwatch the quarterly report for $SII appeared and then was pulled almost immediately afterwards, which stated a number $140m., that was deployed by Sprott Private Resource Lending. I assumed that this was a yearly pre-payment for a year’s operations to PROCON to operate the gold mining project within the #LaRongeGoldBelt. This number aught to be in $CAD, and I found the $SII Sprott Private Resource Lending note in the balance sheet to be quoted in $U.S. in the amount of $150m U.S. The total in $CAD would be $190m., according to the Bank Of Canada website. Given that I may have obtained a $CAD figure in error, the data subsequently pulled and restated(otherwise Stockwatch would not have pulled the report and restated it later without the figure included - at all) I will assume the original sum to be in $CAD. This could possibly mean that $140m. CAD was pre-paid to PROCON for the #LaRongeGoldProject, $GBRIF while a pre-payment would have been made to a SECOND gold project, the Serra Pelada $COLUF in the amount of $50m. I assume both were in pro-forma bankruptcy under the BIA. Since this happened in the third quarter, the pre-payments would have come in August, 2017. I also presume that these companies will be merged under BIA laws as part of the discharge of the BIA filings. I also presume that $SRHI is meant to be the buyer of these merged companies under the BIA. https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00026778 -F6 https://ceo.ca/gbrif