End Of The MonthAs i read the statement published in their latest MD&A on Sedar, Feb 28th is the extension date for OCO to excersise its options to convert the loans given to the BC Co to shares in that said company. By excersising the maximum 250K shares, we would then be holding approx 23% of the stock of that company. I'm almost sure that management is negotiating for an additional right to purchase, thus the need for the new secondary. I would think the goal should be to get to a third, 33%, the current owner holding another 33%, and a mystery invester coming in to grab the rest. I wouldn't be surprised to see a marquee name come in....Sprott....McEwen....Giustra....Guys with big bucks.....
During the six months ended November 30, 2017, the Company advanced $44,229, for total outstanding advances of $208,785 (the “Advances”), to a private British Columbia company (“BC Co”), which is related by virtue of David Rose and a private company owned by the spouse of Craig Dalziel collectively having significant influence in BC Co. BC Co holds an un-registered interest in mineral concessions in Mexico (the “Interest”), which Interest is subject to a legal dispute between the vendor of the Interest and a third party. The Company owns 425,000 common shares of BC Co, representing (13.6% of its equity, at a cost of $451,073, and holds an option to convert the Advances into shares of BC Co (the “Share Option”) at a price of US$0.80 per share, to a maximum of 250,000 shares. Exercising the Share Option with regard to all 250,000 shares would result in the Company holding 675,000 common shares of BC Co. Subsequent to November 30, 2017, the Company entered into an agreement to extend the term of the Share Option to February 28, 2018. The Advances are secured by the Interest. Subsequent to November 30, 2017, the Company advanced a further $30,000 on behalf of BC Co., bringing the total Advances to $238,785
Read more at https://www.stockhouse.com/companies/bullboard?symbol=v.oco&postid=27493726#RXzB8RIak8OZQCw4.99