RE:BluechipperFlyby1969
I am here. I posted a bit on the agreement with Piedmont but forgot one important item regarding the issuance of up to 10m shares in Piedmont.
After watching the video with Tim and Alan, and watching the portion on the creation of the Vinland sub and its 100% owned Killick property a few times, reading the agreement again and drawing up a flowchart, the deal with Piedmont is a very good deal in and by itself (does not of course address the other issues we have with Moosehead or need for PP at low price).
However, considering the time and funds spent on the Golden Hope property, those funds DID NOT go wasted. We got a good deal with Piedmont.
1. Piedmont is really committed to spending $2M. If things do not look good they do not have to spend more which is better than Sokoman wasting any more funds to find out the same answer.
2. Piedmont is experienced and could have selected lots of properties and the fact they selected this one is very good sign. No guarantees of course.
3. SIC gets $12M of drilling by Piedmont via non-dilutive in order to gain up to 62.5% interest. If Piedmont wants to earn this interest, they must issue 10M Piedmont shares to SIC and Benton which is significant since Piedmont has only 20M shares o/s now. I overlooked this last part which is significant for SIC and Benton.
This entire transaction is now a free option which could be very big. It is a lot better than having this project sit idle knowing we just spend all that time and money on it. SIC can focus on Moosehead and Fleurs. Again, we still have to raise money and we did not get a bump from this agreement YET. This Agrreement will take time for people to get their head around but it is very good in my opinion. I have been very critical of Tim and management however they did a good deal with Piedmont.
People really need to understand how the share ownership will work or have someone explain to them.
Now, I hope we get some good news on Moosehead drilling since we have had bad news for a long time or marginal news for sure. We need a break here.
GLTA
BC