A few thingsFirstoff, without trying to get brownie points, I wanted to point out to longshoreman that it was I who fist suggested that GC should entertain the possibility of a spin-off, as per the following post;
https://www.stockhouse.ca/bullboards/viewmessage.asp?no=9138218&tableid=1
Also Longshoreman, why GC has not raised a ton of capital pre CF drilling is an intrigueing question, but certainly the IVN JV took some of the downside out of this deal, as it took some of the blue sky out as well. Also, the financial markets have not been too receptive, and I would think that GC would consider filling the treasury were he able to dilute at higher levels. That's why I am so curious as to why the stock is trading so funny, which again leads me to believe that something is up.
I must admit that when it was first suggested that someone other than IVN wanted ETG, I immediately dismissed the idea since GC had been shopping the deal around for many months without any takers. But when you consider the RF factor and all the gamemanship that goes on with him, what better way for someone who is very interested in Oya than to go after ETG. Especially at a time in which RF is strapped for cash and frustrated with the low cap IVN currently has. Dilution should be a last resort at present. If the new supergene deep Hugo results are inluded in the deposit evaluation, and current Copper prices are used, no question that the deposit is worth north of $100 billion.
So instead of writing IVN a check for 5 billion plus (Since surely any senior will only get involved if they get control) as RF will not sell for less - why not take out ETG. That way, you beat RF at his own game, and even if you don't ultimately win control of the deposit, you still have 20-30% of what could potentially be the best grades. I have always maintained, that RF needed ETG's land, if only to keep an upper hand in the bigger poker game, and not to be usurped. This is where GC really blew it, because he has lost that leverage over RF. Thre was obviously a mexican standoff between RF anbd GC, and GC blinked first. RF will clearly wait for years until he get's things his way. That's why we still don't have a stability agreement..
Lastly, we are all too aware that smartchick has talked about an offer form another suitor, and we have to ask ourselves about smartchicks credibility. Those of us who have been here over the years know with great confidence that smartchick is very credible. Others who have only been hear lately might believe that fatman is the credible one - lol! Remember that it was the Cap'n and smartchick who first posted that there would be deal forthcoming with IVN at $1.00, and at the time the stock was wallowing in the mud at 0.55... Who was correct?
Another noteworthy consideration is that while the stock has drifted down from $1.50 to the $1.10 level, there has always been great liquidity for those who want to sell. Even at the close today, there are 40,000 share on the bid between 1.11 and 1.13 - now that's liquidity.. I consider it to be patient and sophisticated tree shaking.
Regardless of wether there is a mystery suitor or not, this deal is a no brainer, and if you don't like it, sell out. But if you should sell, you are just falling prey to the likes of fatman and the tree shakers. ( Fatman is obviously a paid tree shaker, hired to try our patience and instill doubts, and he is doing a great job as many of impatient are abviously bailing - a very bullish sign !) I just chuckle as this temporary decline has just provided me and my people a chance to accumulate even more at low prices.
To all fellow long time longs - don't turn over your paper now!
Jandd