Donut and Lunch Fund Replenished
Our esteemed management has closed their sharply priced PP, oversubscribed, and surprise, surprise, all $4.4 million was taken down, in large part by RioT, TRQ and Sandstorm ... and management and insiders. Why they needed to throw a half warrant at 60 cents is beyond me.
They also say they paid a 5% finders fee for purchasers “introduced” to the company. $86,000 “poof”. Jesus Murphy, I could have given them Eric Sprott’s number for $50.
Yes, it pisses me off to suffer the costs of this structure when, if TRQ was truly independent, a fair paper swap could be organized with them, and ETG folded in. That way the Mongolians could get 100% coverage of both mining licences, negotiate whatever equity swap for royalty they have in mind for OTLLC, and we could ditch a group masquerading as an exploration company (no), development company (no), promotion vehicle (no), negotiating entity (yes, but hapless beyond belief if they can’t negotiate the obvious deal over ... 12 years and counting.
If they hold some proprietary information that tells them ETG has a much greater value than TRQ or Rio Tinto or any third party is willing to pay, pending drilling or discovery ... then this is a dirty-self-dealing offering. At one time I recall the company had organized an open public offering and spent the money for a prospectus ...
In all honesty,having no other job, not seemingly negotiating anything, not promoting anything, what do they do all day? ETG should be run off the corner of a TRQ desk, or even an SSL desk.
Dilution, for what? Oh and you know the little piggies have change of control benefits built in as well? Just get it over with before your bad karma overload ruins your lives.
cg