RE:VERTEXONE read this oneRONNIE111
And now in Merger Two, or whatever, they seem to have sold their Core debt to Titan in a very suspect deal that the Canadian regulators are looking at , and seem to have suspended. I wonder if Vertex actually got paid for that debt, as the last time I looked Titan didn't have the cash on hand , and I haven't noticed that they have done another raise, which would be, what, the 5th or 6th in the past couple years, and for which they have nothing to show for (the Core shares they 'own' are pledged to the loan they got to acquire said shares) . And ,unless they have changed their mind, it seems that Vertex has pledged their approx. 10 million shares that they have of Core to Titan. Pretty much everyone that knows anything about Titan knows that Titan is totally worthless, and so if this Merger Two were to happen, then in the very best case scenario, your holding in Core would be worth half as much, as Titan would get half of Core to begin with (I would guess that is how it would work, but admittedly haven't , and don't plan to , read the deal), and since Titan brings nothing , there would be twice as many shares with the same assets : Core's. And if Titan's history is a guide, there would soon be many many more shares
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Believe you need to recalculate your "twice as many shares"
Core Gold has almost 167 million share issued and outstanding
Titan Minerals already has almost 297 million shares outstanding
And Titan is offering Core Gold shareholders two and a half pieces of their confetti paper for each one of our shares.
167 million x 2.5 = 417.5 million
297 million + 417.5 milion = 714.5 millions shares
it closer to 4 times the number of shares that our assets would be diluted against, not twice as much .
And it gets even worse. As you pointed out, Titan still owe US$3 million for the loan that they needed to use to counter act the C$4 million financing that Zhaojin Mining was going to provide Core Gold back in March. Titan will then probably issue more shares to pay off that loan by the end of December. Then Titan is bringing no cash to the table this time around, just their confettii paper shares. So, how are they planning on funding the $20 million for exploration of Dynasty Goldfields, Copper Duke, Linderos, and pay for the upgrade to the Portovelo Mill and the $17 - $18 million in debt remaining on Core Gold's balance sheet without issuing another 250 million shares ?
Had certain Core Gold directors and Core Gold counsel Quentin Markin not been so unethical and unscrupulous by inserting a clause in the Zhaojin Mining subscription form that would have required Zhaojin Mining to vote their shares in favour of the Titan Minerals plan of arangement, we would, in all likelihood be in a very different situation at present and Zhaojin Mining would have followed up with their subsequent financing for another $12 million at $0.45 per share, bringing outstanding shares of CGLD to approximately 200 million.
And had Mark Bailey allowed Zhaojin Mining to do some confirmation drilling by twinning a number of old core holes on Dynasty Goldfields, Core Gold may have already seen the initial US$20 million paid in cash by Zhaojin's for their initial payment of an eventual 60% stake in the Dynasty Goldfields Project ..... which would have seen a new 2000 tpd processing facility built on site at DGF.
The question remains ..... was Zhaojin Mining so insulted with the rejection by the BOD4 of their offer of partnership with Core Gold that Keith Piggott negotiated, that Zhaojin Mining would come back with another offer at present ?
That remains to be seen.
DO NOT TENDER TO THE TITAN MINERALS OFFER
GLTA