Resource Capital Gold Corp GDPEF

Does ML7 still need a listing ?

[LeftBook]

Does ML7 still need a listing ?

 

 

RCG sold Corcoran to ML7 in Feb 2018 for $2M.

RCG and Eric Sprott both own shares in ML7.


It tried listing on the TSX and later on the ASX without success.

 

[LeftBook]

RCG and Eric Sprott both own shares in ML7. RCG might be forced to sell its shares in ML7. Eric Sprott might be a buyer at a low enough price. --- RCG shareholders from the Corcoran as a 4:1 dividend days might be clinging onto hope that they at least get the once promised ML7 shares out of this trainwreck.

[damianchosenone]

What is ml7? I know metals 479. Used to be Ausag.

[LeftBook]

ML7 was the proposed ASX ticker for Metals 479   https://www.bloomberg.com/profile/company/ML7:AU   https://www.listcorp.com/asx/ml7/metals-479-ltd   https://hotcopper.com.au/asx/ml7/ Frank Terranova is the chairman of $ML7 Metals479 ..... Listing in May . Eric Sprott Is a top shareholder in $ML7 .   

[LeftBook]

ML7's proposed listing was May 1 2018 coincidentally the bulk sampling at RCG seemed to have run out of cash by that point prospectus still here https://www.upcomingfloats.com.au/Prospectus/METALS%20479%20LTD.PDF ---- https://hotcopper.com.au/asx/ml7/   https://hotcopper.com.au/threads/we-get-a-refund.4172173/page-4     May 5, 2018   We have been

[LeftBook]

https://www.marketscreener.com/METALS-479-LTD-42503503/company/

[damianchosenone]

Metals 479 does not have any cash to buy rcg shell and the tax credits. Are you sure sprott has shares in Metals? He was very angry that the 4 to 1 share offered that George Young released news about didnt happen. Young blamed the Tsx venture that they did not allow Ausag to list on the venture.

[LeftBook]

A new Nevada-focused precious metals explorer — which counts Canadian billionaire investor Eric Sprott as its biggest shareholder — has launched a $7 million initial public offer ahead of an expected ASX listing in May. https://stockhead.com.au/resources/eric-sprott-backed-metals479-marches-toward-asx-listing/ pg 32 of the Metals 479 Prospectus lists a 10,000,000 share stake

[LeftBook]

metals479.com is gone. the wayback machine has a copy https://web.archive.org/web/20180823012914/https://metals479.com/

[damianchosenone]

So if it is gone then eric sprott got his money from the shares back. Terranova said that they could have easily done a ipp for 7 million but changed their mind. So if it is gone then Corcoran is now privately owned

[LeftBook]

Metals479.com is just a website. I have no idea if the group folded. perhaps RCG got its cash back in the final settlement in Nov 2018 not very clear ML7 listed RCG as a shareholder news items refers to option interest

[LeftBook]

It is not clear if Metals/AUSAG was able raise the capital or not. they say they could. everything else says they could not. --- March/May 2017 [Sprott] was very angry that the 4 to 1 share offered that George Young released news about didnt happen. Young blamed the Tsx venture that they did not allow Ausag to list on the venture. Did AUSAG meet the capital requirements of TSX

[damianchosenone]

Here is what probably happened! George announced Corcoran deal with Ausag and the 1 ausag share for 4 rcg shares to shareholders. Sprott invested more money in rcg as he really liked Corcoran. The deal.never happened and Yound blamed the exchange when all my friends in finance told me the release was weird and that it would never happen. Young couldnt put a da together. Gibson wasted a craploa! Of

[LeftBook]

Hmmmm. In Sept 2016, RCG announced that Eric Sprott would participate in the $5M private placement with proceeds being used to acquire Tangier and Forest Hill. In Dec 2018, RCG announced the credit facility secured by all assets. Sprott Lending effectively acquired Tangier and Forest Hills (and Dufferin) from the RCG shares controlled by 2176423 Ontario. ---- September 28

[LeftBook]

Sprott's interest in Corcoran seems to have been as a separate entity from RCG. He invested RCG's gold projects.   ---   September 28, 2016   RCG ANNOUNCES PROPOSED PRIVATE PLACEMENT INCLUDING INVESTMENT BY ERIC SPROTT      The Company intends to use the proceeds of the private placement to complete the purchase of the Forest Hill and Tangier

[LeftBook]

> Metals 479 does not have cash to buy rcg shell and payoff creditors Yup. They seem to be having problems raising cash to go public. A buyer would need about $7.6M to aquire the shell plus tax credits. They probably can't afford the tax credits. The tax credits probably aren't useful to them in the near future. ----- link to old post A buyer would get $25M of tax

[LeftBook]

The company seems to have fully priced in the value of the tax credits when it tried to spin off Corcoran.   The company was valuing the shares at 20c per share.   The shareholder equity was $8.1M. The shares outstanding were 123.3M   123.3M * 20c/sh = $24.7M   $24.7M shareholder value + 13.1M liabilities = 37.8M total liabilities   working