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Bullboard - Stock Discussion Forum ECUADOR GOLD AND COPPER CORP V.EGX

"Ecuador Gold and Copper Corp is a mineral exploration, mining and development company. The Company acquires and explores gold mineral rights located in Ecuador."

TSXV:EGX - Post Discussion

ECUADOR GOLD AND COPPER CORP > Ecuador Gold 2,156,858 shares for debt
View:
Post by gump132 on Oct 28, 2014 3:25pm

Ecuador Gold 2,156,858 shares for debt

Ecuador Gold 2,156,858 shares for debt

2014-10-20 17:41 ET - Shares for Debt

The TSX Venture Exchange has accepted for filing the company's proposal to issue 2,156,858 shares to settle outstanding debt for $148,798.53 (U.S.) and $29,308.

Number of creditors:  Two creditors

The company shall issue a news release when the shares are issued and the debt extinguished.


Sounds promising that someone would accept $180k debt to be paid out in shares. My calculations show that this is about $0.08257 USD per share. Going by todays exchange rate of 1.12, that works out to $0.09248 CAD per share. Almost double the current share price. Not too shabby. That's like getting a 50% discount on the work they did. The creditors must be pretty confident they will see a good return on their money.

Comment by BrendanC on Oct 28, 2014 6:35pm
Where did you find this gump? Thanks for the post..!!
Comment by gump132 on Oct 28, 2014 8:55pm
From stockwatch.com I just happened to check it and noticed the news.
Comment by BrendanC on Oct 29, 2014 9:22am
Excellent, Thanks!
Comment by pianoman88 on Oct 29, 2014 12:01am
Nice post Gump, thanks. ll lll ll lll
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