RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:GoadThat is the question?
NO!
The question is why did GOAD convert a put and pay for the Virginius mine (10 million USD per qtr in silver equivalents) into a fixed loan at 15% interest that was called within 8 months. Eight MONTHS!
FT had 6 months of mine operations under its belt and had to know they had bought a mill that needed another 5 million USD injection to operate (according to the SEDAR filings provided by Aurcana). Did Procon, the largest FT shareholder, omit basic due diligence prior to purchase and their multi-million dollar contribution to the mine down payment? After a close look at the mine for 6 months during direct operations, GOAD then proceeds to sign a death spiral loan with Lascaux? Any rational person would have walked from the mine and sued the vendor, Star Mines.
BUT nobody sued Star Mines Inc.
Aurcana, the current mine owner, has had to inject another 40 million into the mine since 2018 to get to operational status. Goad and Procon missed this additonal requirement after they kicked the tires and purchased the mine? Operates the mine for 6 months, produces no silver or commision the mill and then signs a death warrent with Lascaux Financial? FT puts up 800 million NAV (Arctos & NICO) as collateral? 25 yrs of hard work and 250 million of input capital. Who the hell does this of their own free will? Certainly not PROcon or POSCO, FT's largest shareholders.
The Revenue mine purchase was either a misdirect or an inexplixable blunder.
Aurcana claims to have entered mine production 3 weeks ago and the silver mine will be ramped up by September. If Aurcana does not, then there is something massive buried at NICO.