Tad wrote: rjm316,

The following is just my opinion .... if you read through Core Gold's company circular, there appears to be some "issues" regarding the supposed "lock-up" of shares announced in the Titan offer.

I suspect that it is Vertex who is now dumping the shares into the market.


It is also apparent from recent statements by Titan MInerals that there was some type of impropriety regarding the entire transfer process from Vertex to Titan. They've stated in the past that the transfer of the promissory notes was effective" as of August 21, 2019. .... but in the "Pro Forma" portion of their 616 page circular ... tucked away on page 603(D-5) Titan has now stated that they assumed the promissory notes on August 8, 2019.

Which brings up some other questions, such as who knew what when, who negotiated the attempted restructuring, for what purpose, and why.

The Vertex promissory notes maturity date was March 31, 2019 nd should have been dealt with prior to that time, not in early to mid August. 


These guys can't even give investors a straight time line of events. :Why should anything Titan says be trusted. They lied about Dr Miguel Cardozo being their CEO, they lied about assets in the company presentations, they were caught with not disclosing potential legal liabilities for up to $45 million in environmental clean up costs in Peru. Titan has sloughed off these potential liabilities with statements that they have two "legal opinions" that they may not be liable ... those are only opinions .... legal proceedings will detrmine the truth in Peru



DO NOT TENDER TO THE TITAN MINERALS OFFER.



GLTA 

 



Please note that the Vertex One debt was "sold" to Titan for a substantiial discount to value.


"c) Titan Minerals Limited - Acquisition of Core Gold's secured debt
 
 On August 8, 2019 Titan assumed all of the outstanding interest bearing secured debt with a total  principal amount US $2.5 million from the holder for US $1.89 million. The secured debt is made up of the following:

          i) promissory notes issued by Core Gold in the aggregate principal of US $1.5 million plus               all accrued interest;  and
         ii) convertible promissory notes issued by Core Gold in the aggregate principal of US $1.0               million plus all accrued interest"
 
 



Regardless of what any of the newer ID's (Tapps88, Pipes33, Twoscompany, LoveGod) on this forum are saying,  the following information was obtained at the AGM on October 8, 2019. 



The US$1.0 million convertible promissory note was always transferable. It did not require any consent from Core Gold, or from the TSXV to be tranferred. 

The US$1.5 million promissory note was not transferrable without prior Core Gold consent, or the approval of the TSXV. 

The TSXV has rescinded their initial approval of the restructuring ot the two promissory notes.

The reduction of the conversion price of the US$1.0 million note from $0.30 down to $0.18 has not been approved. 

The US$1.5 million promissory note was not transferrable without Core Gold consent, and TSXV approval.  The TSXV has not approved of the restructuring of this note which included the lifting of restrictions to the note being transferrable. It is questionable as to the actual status of the US$1.5 million note. No one at the meeting, including Core Gold counsel representatives could provide a definitive status of this note, due to the rescinding of TSXV approval. 


Again, the August 8, 2019 date stated in Titan's Circular regarding the actual date they claim to have assumed the Vertex One promissory notes brings up numerous questions. 




Vertex One had also supposedly pledged their shares to the Titan Minerals offer, but there was  deadline that was not met  by Titan and all the shares pledged are most likely not locked up, so...

.... is it much of a stretch to assume that Vertex, who apparently "sold" their debt to Titan for a 25% discount to face value  (US$1.89 million / US$2.5 million), could now be dumping their shares on the market at the present time ? 

Could it be that Vertex One was getting alot of redemption requests from investors in their two funds ?? 



It was stated at the AGM that the company Core Gold hired to look after the bidding process solicited a significant number of companies. As a result .... Core God today stated that there were 17 confidentiality agreements signed.  9 companies have, or are currrently doing site visits to our assets in Ecuador.

It was, and always has been, an incredulous statement made by certain members of Core Gold's board of directors and certain management that Core Gold had no other viable options when they attempted to ram the original Titan Minerals plan of arrangement down minority shareholders' throats. 


DO NOT TENDER TO THE TITAN MINERALS OFFER


GLTA