RE:Just released. Is this complicated or what?So they flipped Zancudo for an interest in Denarius Silver, including the $3m they paid in for additional shares, obtaining a 36% shareholding. (It always amazes me that GCM also ends of giving cash up whenever they undertake a transaction, where one would think they'd receive cash. So instead of receving $12m for Zancudo, they received Denarius shares and then subscribed for another $3m of Denarius)
Problem is that we have 1) no idea who is Denarius Silver. They are a closed company and a Google search reveals nothing. 2) Nor do we have any idea of the silver properties that Denarius owns. Maybe there is something there, but GCM has not provided any relevant information about the silver properties belonging to Denarius. It would also be useful to know who owns Denarius and is there any cross-ownership with the insiders of GCM.
This, unfortunately, is why investors don't trust GCM. There is too much opacity. (By the way, I have heard nothing about the Canadian property they bought last year. Again, something out of left field, and if there is something there, it'd be nice if GCM would tell us.)