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Florida Canyon Gold Inc N.FCGV


Primary Symbol: V.FCGV

Florida Canyon Gold Inc. is a Canadian junior gold producer with an asset in the United States. The Company’s principal operating asset is the Florida Canyon mine in Nevada. The Florida Canyon Gold Mine area is situated in northwestern Nevada within the Basin and Range physiographic province, which is typified by a series of northward-trending elongate mountain ranges separated by alluvial valleys. The Florida Canyon area is dominated by a major regional structural zone, termed the Humboldt Structural Zone, which is interpreted to be a 200-kilometer (km) wide north-easterly-trending structural zone with left-lateral strike slip movement.


TSXV:FCGV - Post by User

Comment by Tim2Agamion Jul 24, 2024 11:45am
113 Views
Post# 36146223

RE:RE:RE:RE:RE:RE:RE:RE:RE:While waiting for shares, might as well...

RE:RE:RE:RE:RE:RE:RE:RE:RE:While waiting for shares, might as well...
psych01 wrote: Tim----I moved a bunch of stocks over to a TFSA when they were suffering, including AR.  Revenue Canada doesn't seem to mind a bit of trading there as long as profits aren't taken out too much---have to be careful because they can deem it a business and tax accordingly if too much action.  Anyway let's see what happens, good luck.  IMO


01: -- Thanks for your input. As you say, let's see what happens. Can't be much worse than what we have already been obliged to suffer.

It won't be until the fall that FCGV gets the 5 million + "5 million" (probably a phantom expectation) + whatever scraps and shavings are left over from the cash in the kitty prior to July 11, and, contingent on leftovers after the first 2 million has been retained in a working capital reserve (probably not much) -- that is, seven gets you five -- a few more pesos, varos and centavos. The MXN larval worms at the bottom of the empty tequila bottles tossed on the heap leach by departing management intent on managing their RSU risks. 


The sale of the Mexican Business Unit is the result of the Corporation’s previously announced review of strategic alternatives and consistent with the Corporation’s stated objective to leverage the value of its portfolio of assets and manage risk.

At closing, Heliostar will pay cash consideration of US$5 million to the Corporation.

In addition, the Corporation is entitled to cash generated by the Mexican Business Unit prior to July 11, 2024 and cash of US$5 million generated from operating cash flow after July 16, 2024, subject to a minimum of US$2 million of net working capital being left in the Mexican Business Unit on closing.m

The Transaction represents an important step in positioning the Corporation to explore alternatives to maximize shareholder value in connection with its Florida Canyon mine, which will be the primary asset of the Corporation after the sale of the Mexican Business Unit is completed.

As part of the Transaction, FCGI and Heliostar will enter into an agreement eliminating the outstanding contingent payments payable by Heliostar to FCGI pursuant to the agreement under which Heliostar previously acquired the Ana Paula project, as well as the conditional option payments on the San Antonio project.

Post-closing, Heliostar will assume all responsibilities for the Mexican Business Unit, including reclamation.

The Transaction is expected to close in the third quarter of 2024 and is subject to certain closing conditions, including applicable regulatory approvals, the Mexican Business Unit having net working capital of at least US$2 million, as well as other customary closing conditions for a transaction of this nature.

https://s22.q4cdn.com/115151820/files/doc_news/2024/07/17/fcgi-news-release-announcing-binding-agreement-to-sell-mexican-portfolio-of-assets-clean-final.pdf

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