RE:RE:RE:RE:RE:RE:RE:RE:*****HALT THE SALE OF RCG IMMEDIATELY**** If the buyer bought all the assets for $20.5M then the cash would go to paying the 20.5 liabilities including DIP. RCG shareholders would own a shell with $20M of tax credits with a marketable value of, say, $10M.
If it is a buyout then the buyer gets the assets, the liabilities, the shell and the tax credits.
The shelll and tax credits have the same $10M value.
The RCG shareholders would receive $10M in cash or $10M/175M = 5.7c/sh
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A $20.5M for all the assets implies that the Dufferin is worth $10.8M
using PwC numbers
ASSETS
Cash 10,559
Receivables 44,254
Prepaid expenses 63,401
Net fixed assets (RCG) 19,910
Land (MGC) 99,270
Reclamation bond 1,070,000
Plant and equipment 3,053,588
Exploration assets 1,278,257
Development property 10,792,937
Total Assets 20,500,000
$10.8M seems low.
Dufferin was purchased in 2016 for $9.8M and various improvements were done to get it ready for bulk sampling resulting in $8.8M of gold sales.