RE:RE:RE:RE:2019 Half Year Report releasedmouserman:
I MEAN, you could have thrown a dart at a paper on wall with a list of gold miners on it, and you would be hard pressed to hit one that has done worse.
I got one for you .... it's called Core Gold, my second largest holding behind MMP.UN.
CGLD is down 45% since the 4 idjuts on our board of directors and the CFO attempted to merge Core Gold with a garbage shell company from Australia for basically $20 million cash.
Minority Core Gold shareholders darn near defeated the merger with over 31% rejecting the plan of arrangement and then we won in the BC Supreme Court with the judge ruling that the "deal" was not fair or reasonable during the Fairness Hearing. Only the second time a Canadian Court has failed to approve a merger or plan of arrangement, like this in the past 15 or 20 years, so Iam told.
The worst part of the whole charade was the fact that the now former CEO and President had brought a far superior offer to the other board members, who then rejected the better offer and fired the CEO and President for not voting in favour of amendments to the original plan of arrangement with the Australian shell company .... BTW ... a friend and business associate of two members of Core Gold's board of directors had just coincidentally invested in this shell company less than a year previously. Naaah ... no collusion, no conspiracy .... just busness dont ya know. .
Let's put it this way, the superior offer was a US$100 million offer of partnership for a 20% equity stake in Core Gold and a 60% share of the Dyansty Goldfields Project, which would have seen a new 2000 tpd mill built on that site's project by Zhaojin MIning, China's 3rd largest gold mining company. Core Gold would have had about 200 million shares outstanding if the Zhaojin MIning offer had been accepted and over US$30 million in cash injected into our company over the course of 3 years and a new state of the art 2000 tpd mill bult
The rogue board members and the CFO of Core Gold used every trick in the book to try
to ram their plan of arrangement, with a "perceived value" of AUS$72 million, down shareholders throats which would have seen Core Gold shareholders left with about 35% of the merged company within one year after further dilution, and shares outstanding in excess of 800 million trading only on the ASX .... delisted from the TSXV. Yeah ... little wonder why my posting privileges were suspended on Stockhouse. Although I can not prove it, I have a good idea who was behind it ..... someone did not like my comments and posting of information found online that was detrimental to the rogue board members attempts to vend our company off to their "buddies" in Australia. All of my archived posts have been removed from Stocklhouse as well.
So now we sit and wait to hear about other potential offers from a number of other supposed suitors who are apparently reviewing Core Gold's data room. I firmly believe we are looking at a 3, 4 maybe 5 bagger from the current $0.16 share price wihtin the next month or so, at least prior to the October 8 AGM .... remains to be seen. Zhaojin Mining was valuing Core Gold assets at about $300 million and here we sit with a current market cap of $27 million. No idea if Zhaojin has returned to the table, or if they were so insulted by the 4 rogue board members and the CFO that they have not bothered to take another stab at our company.
Core Gold has 2.1 million ounces of gold averaging 4.0 gpt with open pit mining production at the Dynasty Goldfields Project.
Core Gold also has another 2.5 million ounces of high grade gold averaging in excess of 12.0 gpt in their Zaruma Project with a mill operating with a current capacity of 750 tpd and potential to increase capacity to 2000 tpd with a $3 million caiptal expediture to the wet section of the processing plant.
Core alsp has two high potential exploration projects in southern Ecuador, the Copper Duke Project and the Linderos Project.,
Yeah, a $27 million market cap is a friggin joke.
GLTA