Resource Capital Gold Corp GDPEF

Sprott lending planned bankruptcy

[damianchosenone]

I spoke to a geologist that knows quite a bit about everything that happened with Rcg and it was simple: Greg Gibson screwed sprott lending into investing too much of their cash and there was an individual there that was really angry with him . Sprott lending turns around and screws a the shareholders. If they didnt create the 2.2 million dip, they would take the properties against secured debt. They made the dip so they can take the properties against dip and have the shareholders screwed with the 8 million debt and not be able to revive from bankruptcy. It's actually astounding that this happens! Jack and pwc must of known that as they agreed to the 2 million dip so they collect cash from it. What I find weird is the initial 10 bidders with Loi's there were a few ( I know for sure) that higher than 2 million dollar bids and they were not accepted. why didnt pwc go back and contact them when 3 of the last 4 bidders left and only international corona was remaining. Why did sprott lending not accept the 6 million total from ic and shares but deemed the 2.6 million as less than their 2 .2 million . They planned to bury this company to the ground on purpose!

[LeftBook]

sounds like Gibson was keen to develop Dufferin. Perhaps that explains the following numbers for the Development Property. RCG Sept 2018 24,958,156 PwC Dec 2018  25,653,698 Low numbers on the otherhand reduce the value to shareholders. Extermely low numbers sink the company and keep the properties and the improvements for themselves.

[damianchosenone]

Gibson was keen to bankrupt Rcg. I have spoken to 8 employees of rcg and man he sounds like a man that should was disliked by many!

[LeftBook]

  I doubt Greg Gibson was in a position “to screw”  Sprott Lending into investing too much or to cause RCG to go bankrupt. It doesn’t fit the time line or the context.    Gibson would have gained substantial insights into Dufferin and RCG during the bulk sampling program. It was apparent from the outside that the company was cash starved and that bulk sampling program

[therager]

Damian, I have let this go for a few days to let you get over the shock of losing your entire investable savings. However, the company did go bankrupt and we had a bet on another site.  May I assume I am going to get paid?

[LeftBook]

PwC has not updated the status of the file since July 4th.    Did the court approve the sale of RCG’s assets to 2672403 Ontario on July 11th as expected ? Did RCG go bankrupt on July 12th as expected ?    

[LeftBook]

what is the status of Dufferin ? does it remain "near production ready" ? The insolvency process suggests the project is not viable. per PwC report ... ... reasons including that the project required too much investment in exploration expenditures and holding costs prior to the commencement ofmining operations that would generate positive cash flows.

[LeftBook]

Did Gibson prepare a report on the "near production ready" status of Dufferin ? RCG provided a news item after the completion of  the bulk sampling program. https://www.rcgcorp.ca/news/2018/resource-capital-gold-corp-completes-bulk-sample-at-dufferin-gold-mine-nova-scotia

[therager]

Leftbook, I mentioned this back in June regarding the project was not all that it was being purported to be.  This is apparent from the PWC report as well as the actions (or lack thereof) taken by ES/Greg Gibson.  To sum up, it was determined there’s definitely gold at Dufferin and Tangier, but extensive exploration drilling needs to be performed to develop a mine plan to optimally mine

[LeftBook]

excellent summary therager. Yes. It seems that restarting the mine was not as easy as suggested.  It is very clear why ANX and others want to do extensive exploration to develop a mine plan to optimally mine for resource in order to get shovel ready. The bulk sampling news items suggested that RCG intended to take a similar path with Tangier. Dufferin is an existing mine with older and

[LeftBook]

Bootstrapping Dufferin did not lead to bankruptcy. Poor cash management did. RCG’s in-situ gold took at 65% haircut in the insolvency process and a weak market.   Other juniors should be cautious.   ---   Regional valuations NPV,5% = $400/oz indicated = $25/oz inferred = $5/oz   Indicated = 5 times more valuable than inferred.   Dufferin

[LeftBook]

RCG did not devalue the Dufferin project following the bulksampling.

[LeftBook]

Damian wrote that Gibson did not allow for mining of some gold during the bulk sampling program. Lockdown, I recall you saying that RCG did not start mining in the best location. Is that correct ?

[LeftBook]

therager wrote: I mentioned this back in June regarding the project was not all that it was being purported to be.  This is apparent from the PWC report as well as the actions (or lack thereof) taken by ES/Greg Gibson.  To sum up, it was determined there’s definitely gold at Dufferin and Tangier, but extensive exploration drilling needs to be performed to develop a mine plan to