Whooooowwwwww an extract from sedar.... OMG !!!!
The Company will continue its efforts to obtain financing on the open market in order to improve its cash position. However, it is important to mention that the Company is in default with one creditor whom have a senior mortgage on the Rocmec 1 propertyin the amount of $1,440,541 as at December 31, 2018($1,440,541 as at September 30, 2018). An agreement was reached wherein funds from the joint-venture agreement with VRC would be used to reimburse the entire mortgage. The Company does risk losing control on the property given as collateral. The Company renegotiated with the lender and both parties agreed that 10% of the Company’ proceeds from all of its operations, as well as private placementsof shares, wouldbe used to pay the accrued interest and principal of the debt. Even with this renegotiation in an effort to take advantage of the extra time to find a suitable partner to develop a portion of the property, there still is no guarantee of success and a risk does exist that the control of Rocmec 1 property could be lost.