Disaster Looming?!!! The Co has now set down August 30 date for its AGM. As I stated before, Management must hold an Annual Meeting no later than than 15 months from the date of the last AGM held on June 6, 2022. This AGM will also include a Special Meeting for shareholders.
There is a high degree of certainty that ReconAfrica will file for bankruptcy protection under the Conpanies' Creditors Arrangement Act (CCAA).
The dead giveaway is that the Co has not bothered to file the latest Annual Information Form for the year ended March 31, 2023 and, instead, chooses to resubmit the old Dec 31, 2021 document.
Any CCAA proceedings will prevent the Mexicans from seizing the cash and staying all Class Action and other lawsuits against the co and it's insiders. The Co can file proceedings under CCAA because it is insolvent owing more than a minimum threshold of $5 million to creditors. It is estimated the royalties payable have gone up from $87 million to over $100 million now. Unrestricted cash is less than $40 million.