GREY:VITFF - Post by User
Post by
Oregonduckon Jul 15, 2024 6:39pm
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Post# 36133767
You can stick a fork in it
You can stick a fork in itIt is done. I know how the banks work. They owned all the collateral including the gold and have a "Right to Offset the Cash" in VGCX accounts to repay the outstanding loans. Osisko Royalties having advanced $500 million for the construction of the mine has no security. Royalties and streaming gold are just one form of hybrid financing. Vendors will start repossessing their equipment. Any debtors can now petition VGCX into bankruptcy under the Fed's Bankruptcy and Insolvency Act (BIA). The Co can voluntarily file for BK protection under CCAA proceedings to allow them time to reorganize. There is no meat left on the bone for unsecured creditors and common shareholders under either proceedings.