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Gold/Mining/Energy : Copper Fox Metals
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From: Stockowner4/25/2013 4:41:09 PM
1 Recommendation   of 36
 
I was doing my DD on another company recently (Banks Island Gold) and came across this in a nr from the company, dated Nov. 9 2012:

"Banks Island Gold has provided written notice to Selkirk of its intention to put the Property into commercial production. Selkirk has the right ("Back-In Option") to reacquire a 51% interest in the Property by funding subsequent work on the property until it has spent 2.5 times the monies invested to date by Banks Island. Selkirk has 3 months to review the Production Plan and give the Company notice whether or not it will exercise the Back-In Option.

If Selkirk exercises its Back-in Option, the parties' relationship will be constituted as an unincorporated joint venture of which Selkirk shall be the operator with a 51% interest. Selkirk's NSR royalty would no longer be a charge upon the Property and Selkirk would commit to using its best efforts to include Banks Island Gold in any project financing arranged for the development of the Property.

If Selkirk declines to exercise its Back-In Option, the Company shall have a period of 18 months to secure financing and equip the Property for Commercial Production or the Back-In Option will remain in place. Upon achieving Commercial Production the Back-In Option will be extinguished."

It's short, sweet and explains things including a time line. I think the lack of this sort of nr from the fox speaks to a total lack of respect for the retail investor.
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