RE:Third Party Lender...Lending FacilityThanks digger
Which is my nickname as well, totally agree love also that insiders are buyers as well. Bring it on!
Thanks digger which is my nick name as wellquote=Digger0144]It is important to note that the present company debt is primarily held by two entities namely Chairman Fahad Al Tamimi and Vice Chairman Claudio Ciavarella in the form of Promissory Note Payables in the amount of $5,088,233 and Convertible Promissory Note Payables in the amount of $8,047,663 both by the way the largest shareholders of Sabre Gold.
Now..in order for a Third Party Lender to come in "they" will demand to be a First Position Lender which basically means that the above must be modified to satisfy those terms.
The Convertible Promissory Note Payables in the amount of $8,047,663 as the name suggests will be converted into common shares...let us use a conversion price of $.10...then 80,476,630 will be issued to eliminate the promissory note payables..I think you get the picture. This is why they will then consolidate the shares for a 1 for 7 ratio as an estimate...it may be higher.
I do not see any problems with this scenario as Al Tamimi and Ciavarella will see it as an ideal situation to add to their holdings which will see significant upside moving forward...agreeing to this will further demonstrate their belief and support of the story. Also the upside will be substantial rather then collecting the interest on the notes...nice!
We must also remember that the takeover of Golden Predator resulted in a positive gain of $10,445,380 of marketable securities...which is basically unchanged todate at $8,900,000.
In the past Sprott Private Resource Lending has shown interest in the project in terms of financing...perhaps they are on the short list...Bonifacio has stated that "well advanced in discussions".
They are going to hit the reset button so to speak and consolidate the shares...the timing is perfect!
The story is moving forward...good things coming!
Best Regards,
Digger0144
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