GREY:VITFF - Post by User
Post by
Oregonduckon Jul 09, 2024 1:07pm
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Post# 36124645
Canadian banks don’t lose money
Canadian banks don’t lose moneyThey are like pawn brokers. VGCX owes $200 million secured by fixed and floating charges on all assets including cash on hand of $40 million, $170 million worth of gold inventory and other equipment. The syndicate of bank loans have cross-default and repayment acceleration clauses in the event of breach in loan covenants. They can petition the Co into bankruptcy under the BIA proceedings. I also doubt that FNNND will allow the gold mining at Eagle to restart in a year or more. What would happen to VGCX with no cash flow to pay the banks?