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Guys, There's a very credible "rumour" that Peggy's about to issue another $200k convertible note to herself to fund working capital (i.e. salaries) on the same terms as her previous $200k note. In other words exchangeable for 4 million shares plus another 4 million warrants, diluting us with 8 million more shares.
This would hose us again folks. PLUS she knows what the liquidation value of the business is as she has received offers for Lamaque & interest in San Juan.
We CAN'T let this happen. Please, please, please: write the Board and Peggy and demand, ask, beg that she doesn't hose us again - and that she even reverse the earlier note terms.
This would mean: 16 million more shares to Peggy for lending $400k to the company - which she buggered up - plus 15 million shares to Trafalgar (though, IMO this will fall apart as hasn't yet closed) for $3.5 million. So, she'll be hosing us more than Trafalgar.
Stop the madness. Get the Fortis loan or sell both mines & loss carried forwards (NOLs) for something north of $65 million!
Guys, There's a very credible "rumour" that Peggy's about to issue another $200k convertible note to herself to fund working capital (i.e. salaries) on the same terms as her previous $200k note. In other words exchangeable for 4 million shares plus another 4 million warrants, diluting us with 8 million more shares.
This would hose us again folks. PLUS she knows what the liquidation value of the business is as she has received offers for Lamaque & interest in San Juan.
We CAN'T let this happen. Please, please, please: write the Board and Peggy and demand, ask, beg that she doesn't hose us again - and that she even reverse the earlier note terms.
This would mean: 16 million more shares to Peggy for lending $400k to the company - which she buggered up - plus 15 million shares to Trafalgar (though, IMO this will fall apart as hasn't yet closed) for $3.5 million. So, she'll be hosing us more than Trafalgar.
Stop the madness. Get the Fortis loan or sell both mines & loss carried forwards (NOLs) for something north of $65 million!
If Peggy has to put up another $200k into the company from her pocket, I'm all for her getting a high interest rate and getting taken out as soon as additional money comes into the company. That's what I hope to speak to the Board about. What I don't want is the dilution, i.e., no convert feature or warrants. I think that she would agree to this: $200k in-and-out in a month (when the other dough comes in) at, say, 15%-17% or for a $10k fee.
I also, would hope she agrees not to convert her earlier loan - and for this, I'd also pay her an additional fee ($10-20k) and have this loan repaid ASAP as well.
Thus, we'd still have 168k shares O/S and she can buy more shares at 2.5 - 5 cents in the open market and fill her boots.
I plan on discussing this with Peggy and with the Board members. The company needs a bit more money now, and word on additional financing and then Fortis credit committee should all be happening over the next four weeks.
Let's support this plan and not get hosed by dilution! Please write the Board and no point in trashing Peggy down here. No one else would take the company on down here for no salary, so we're stuck with her for now. After Fortis, she can step aside.
4 comments:
Guys,
There's a very credible "rumour" that Peggy's about to issue another $200k convertible note to herself to fund working capital (i.e. salaries) on the same terms as her previous $200k note. In other words exchangeable for 4 million shares plus another 4 million warrants, diluting us with 8 million more shares.
Basic shares today 168,000,000
Conversion of note 1 + warrants = 8,000,000 shrs
Conversion of note 2 + warrants = 8,000,000 shrs.
This would hose us again folks. PLUS she knows what the liquidation value of the business is as she has received offers for Lamaque & interest in San Juan.
We CAN'T let this happen. Please, please, please: write the Board and Peggy and demand, ask, beg that she doesn't hose us again - and that she even reverse the earlier note terms.
This would mean: 16 million more shares to Peggy for lending $400k to the company - which she buggered up - plus 15 million shares to Trafalgar (though, IMO this will fall apart as hasn't yet closed) for $3.5 million. So, she'll be hosing us more than Trafalgar.
Stop the madness. Get the Fortis loan or sell both mines & loss carried forwards (NOLs) for something north of $65 million!
Write, write, write them people!
Guys,
There's a very credible "rumour" that Peggy's about to issue another $200k convertible note to herself to fund working capital (i.e. salaries) on the same terms as her previous $200k note. In other words exchangeable for 4 million shares plus another 4 million warrants, diluting us with 8 million more shares.
Basic shares today 168,000,000
Conversion of note 1 + warrants = 8,000,000 shrs
Conversion of note 2 + warrants = 8,000,000 shrs.
This would hose us again folks. PLUS she knows what the liquidation value of the business is as she has received offers for Lamaque & interest in San Juan.
We CAN'T let this happen. Please, please, please: write the Board and Peggy and demand, ask, beg that she doesn't hose us again - and that she even reverse the earlier note terms.
This would mean: 16 million more shares to Peggy for lending $400k to the company - which she buggered up - plus 15 million shares to Trafalgar (though, IMO this will fall apart as hasn't yet closed) for $3.5 million. So, she'll be hosing us more than Trafalgar.
Stop the madness. Get the Fortis loan or sell both mines & loss carried forwards (NOLs) for something north of $65 million!
Write, write, write them people!
If Peggy has to put up another $200k into the company from her pocket, I'm all for her getting a high interest rate and getting taken out as soon as additional money comes into the company. That's what I hope to speak to the Board about. What I don't want is the dilution, i.e., no convert feature or warrants. I think that she would agree to this: $200k in-and-out in a month (when the other dough comes in) at, say, 15%-17% or for a $10k fee.
I also, would hope she agrees not to convert her earlier loan - and for this, I'd also pay her an additional fee ($10-20k) and have this loan repaid ASAP as well.
Thus, we'd still have 168k shares O/S and she can buy more shares at 2.5 - 5 cents in the open market and fill her boots.
I plan on discussing this with Peggy and with the Board members. The company needs a bit more money now, and word on additional financing and then Fortis credit committee should all be happening over the next four weeks.
Let's support this plan and not get hosed by dilution! Please write the Board and no point in trashing Peggy down here. No one else would take the company on down here for no salary, so we're stuck with her for now. After Fortis, she can step aside.
peggy,
No one else would take the company on down here for no salary, so we're stuck with her for now.
WE GOT DOWN HERE BECAUSE OF HER.
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