Fabled Silver Gold Corp T.FCO

RE:RE:Digger,its a done deal!!!!

[greggegen]

Well....good things don't always happen to investors who move into a frontier tech metal market too early. 

For my part, I have little choice but to accept this fait accompli and what seems to me to be a lousy P/NAV.  That said, my/our protests count for naught since I doubt the quantum of retail holdings represented by the retail punters on this Board actually hold enough shares to move the dial a fraction one way or the other.....?  

Oh...I can accept the prognostications of smarter fellow travellers that there IZZZZZ a potential strategic benefit to building a diversified cobalt entity with nickel credits...poised to sh*t ultra high purity ingots when the market turns and looks at our new Cobalt middle-weight contender.  And if the npv of bringing the mines into production is credible... I'd be buying into the deal price naked today.  

But my problem...as I suspect it must be for a fair few of us ...is that I am a rather LOOOOONNNNGGGGG investor in eCobalt and its antecedent companies.  That means long suffering...lots of ups/downs/all arounds...and under water.   Once upon a time we had a pure play high purity cobalt mine in the USofA...and are now supposed to think we have a better shot at creating production value because we are part of a bigger portfolio in higher risk jurisdictions. 

Well...sure...it's mining....plenty of tricky jurisdictions with immense realisable value....so it's not a pipe dream...some developers and their investment bankers have pulled these kinds of deals together successfully; it can be done....nevermind that our Idaho outfitters have been able for damn near 2 decades to properly fund the ONLY pure Co play in the USofA (well...it wuz for a looonnggg time)....WTF?!!?   

So...three whiskies into an Easter holiday break, I will dispense with corporate finance metrics and call it like it looks to me:  we have two undercapitalised entities merging with a mix of proven and prospective resources.  Unfortunately, we are contributing the best assets at well below fair value so the value exchange is IMHO, pitched to the detriment of any/all eCobalt shareholders who bought in at any price higher than the merger exchange. 

Even in Canaccord's scribble on the deal they reflect a bald fact:  
"Some eCobalt shareholders have expressed dismay at the lack of premium in the offer,"  Forget the concept of a premium...I think the canny Ozzies are doing a great little consolidation deal....for their shareholders (with significant insider holdings) by taking advantage of our Board's incompetance in having steering eCobalt onto the shoals of a down-cycle and stranding the project (AGAIN) to the detrriment of ordinary shareholders. 

I said before, this deal is a classic 'smash and grab'....except it really isn't...because in our case,  the smashing was done by our own management and Directors over many years....regularly undermining their own progress (three steps forward, two sideways and two back, repeat) and failing to execute in a timely manner.  And now the the muckers from down under are doing all the grabbing.  My basis (and maybe yours?) is going to suffer the effects of being 'stolen' by smarter people. Maaaaybbbeee I'll see my money back some day.....maaaaayyyybeeee.  So...I am today a sore loser...pissed at having to accept more enforced dilution. 
If I can I will try to dig out some liquidity in order to average down...which is the ONLY plan I can see...because I am stil enough of a lunatic to believe that a lot of people need the Co we have in the ground.  
Sore loser indeed...in London...where's that 4th whiskey?!!?