RE:RE:New PR todayLRG,
It's certainly a setback for many of us. But, the current management seems to handle the situation well enough in my view. First, it has to fend of the attack by EO and second trying to sort out what to do next leading to a recovery. It looks pretty clear that the way forward is not to sell off the entire company, but to divest the non-core assets to get some cash (as opposed to financing via equity like EO was trying to do for his $20M at a huge dilution, some 55%?).
You said "WH wants to give away all non core assets for pennies", but just looking at the two large blocks in Manitoba, WIM and Hudvam, which have a combined resource of about 1M oz AuEq one would expect that they would bring in quite a few millions, even at fir-sale price. The current valuation for PRB is ~$60/oz in-situ. So, a reduced price, 50% of that, would be $30/oz which would bring in something like $30M, or as a minimum $20M, just to make it equal to the equity financing scheme of EO. And this $20M from the sale of non-core assets would result in zero dilution.
In my opinion, this is the best way forward.
GH
Read more at https://www.stockhouse.com/companies/bullboard?symbol=v.azx&postid=28170717#q7BVCj26qwRQ5VMD.99
LRGreturns4me wrote: This circular has absolutely no direction forward. These guys too, are lost. It is best to consider AZX investment as a loss, take the hit and move on. Neither Owens or this board of bandits gives a cr@p about any shareholder other than themselves.
WH wants to give away all non core assets for pennies. There are no options available that look good. I just made a stupid investment. Glad I bought in cheap, my losses are not that bad. Good luck to those who stick around. This is a pitiful as it gets. Junior miners, oh well.
LRG