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Gold/Mining/Energy : Paramount Ventures & Finance
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To: 1st.mate who wrote (3404)11/13/1999 6:01:00 PM
From: Kevin C  Read Replies (1) of 4884
 
How does this benefit the shareholders of Paramount? Correct me if I'm wrong and I hope I am but this deal looks like another screwing for the Paramount shareholders. It looks to me like Conroy and Owens are once again up to some fancy foot work comparable to the TCJ tricks of a couple of years ago.

Before this deal we held 50%interest in the 215,000 thousand hectares. On the 10,000 that is going into production we are now down to 20% having given up 20% to Paramax. Let's look at the numbers. They tell us and I quote "Initial reports indicate that the gravels being processed have a grade of approximately 0.5 cts per cubic meter."
Processing 100 cubic meters per day gives us 50 carats at $150.00 per carat that's a cool $7,500 per day. Give it 300 days production and we are looking $2,250,000 annually. Before this deal with our 50% that's $1,125,000 for paramount. After the deal a mere $675,000.

Great deal for Paramax..They put up $250,000 and get an annual cash flow of $450,000. This to me looks like a hell of a give away in which we the shareholders are once again taking a royal "Paramount" screwing. Once again I believe these two clowns are in a conflict of interest and we are going to end up with the scraps of the table.

Would this deal have been given to another concern or was it done to enrich our directors and their friends at our expense. As I have said at the offset I may be wrong and if so I am capable of eating my words in spite of the fact they are not so tender. I would be interested to see what others think of this situation. And yes I am aware that Paramount owns 55% of Paramax and I am also a shareholder in Paramax. Looking forward to some discussion.
Kevin
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