Fancamp Exploration Ltd V.FNC

Cash Flow and Income Tax Liability

[miner540]

Reviewing the year end audited financial statements shows a currrent income tax liability of $6.7M.  The liability relates primarily to the gain on the KWG transaction.

Taxes due at the latest 6 months after the year end - due by October 31st.  With only $2M cash in the bank, I would expect to see liquidation of some of the market securities and short term investments.

[Aallyy]

This is bad news, when is the 2023 AGM?

[Maxmoe]

Maybe they're wait8ng for another Covid declaration from health Canada so the can file for a 90 or 180 day extension. Kidding. Mostly. 

[Aallyy]

How is it that this company gets away with being so sloppy? There is no communication about the AGM, they have incorrect information on public documents and now a huge tax bill due to incompetent financial oversight?  They are killing the goodness that was once upon a time in this operation. I could never support this company under current management. 

[Dragon23]

I am not  even a direct shareholder in FNC....but do you think that a merger with, or a buyout by  KWG would be beneficial? Sadly, all I see with KWG is ineptitude over many, many years. Another thing that in mind-boggling is the FNC loan to KWG of some $34m.....and then the extra $1.5m cash thrown in for good measure! Something must be coming down the pipe, but with the respective

[Aallyy]

The way I see it dragon23 is KWG took the opportunity to get to 100% ownership of the Koper Lake claims which it had started to do under Smith's tenure. Smith worked to move the project forward. The fact that kwg are well situated in the ROF region and have been for a very long time makes sense that they would be able to consolidate and capitalize on the highest grade chromite discovery in

[Dragon23]

My primary interest was Noront, and to a much lesser degree...KWG...until now.  The biggest annoyance for me is the silence from KWG management. Shareholders are long overdue some real information re how  KWG plans to achieve the takeover of FNC. Everybody always knew that Noront would never be a miner, they would never be building a smelter in the Sault or anywhere else....BUT....Coutts

[Maxmoe]

If you think kwg is "annoying" you're going to find FNC to be far worse. Unless you want to hang out at the gates to the castle of the gnome of Zug, you'll never see or hear a word from the only one that matters. 

[Dragon23]

Rather sad ain't it though. I waited a rather long time for a Noront payday.....not really sure if KWG delivers or not. Just my laymans opinion, but the key may have to be whoever is planning to bankroll KWG. 

[wheelsontherail]

It’s fascinating to see Dragon23 complain, Aallyy, about silence from KWG’s management immediately after you managed to read, analyse and then explain much useful information from KWG’s PRs and MD&As!  If more people would follow your example, they too would realize that "KWG has been doing something to be of benefit to its shareholders on a large scale,"    

[Aallyy]

Thank you Wheelsontherail, I have been paying very close attention to the fancamp story and hope to share insights which might be of use or contribute in a positive way to the reality of the unfortunate continual  destruction of the company as an exploration focused entity. The egregious and constant mistreatment of Smith or anyone else in the same kind of circumstances is something that is

[Dragon23]

I am fairly conversant with the KWG story, bikini girls and all! I have been around the ROF since the FWR, SPQ, days. And yes, I am quite familiar with the KWG M D & A's over these many years, and their proffered partnership with FN's.  What is really fascinating (apart from KWG management ineptitude), is that despite their best efforts (sigh), we are significantly in debt, and

[Aallyy]

Most of us longs are fed up with the antics of both companies. The problems presently lie in resolving an AGM for fancamp in order to replace the board with likeminded and clear a path for KWG/CCC to move forward with Koper and Magpie. I am not as familiar with the KWG story except that Frank Smeenk has been trying to make something magical happen in the ROF for a very longtime and do remember