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Gold/Mining/Energy : Birim Goldfields Inc. (BGI-T)
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To: peter snowdon who wrote (788)5/22/2002 9:46:21 AM
From: russwinter  Read Replies (2) of 922
 
<and at what price?>

If you credit BGI the Ashanti proceeds the market is still valuing Birim at nearly zip. A corporate acquirer with overpriced stock like GSR is in a position not to quibble, so I see a price for Dunkwa alone at maybe a buck or more. Then add on the treasury and royalty for another 15-20 cents.

The tough aspect of this for the BGI people is that they feel Bui is an elephant, but so far they haven't really been able to do anything about it. In this market they are running out of time. Shareholders like me that have been sitting on this patiently for nearly two years are going (or should) demand that the value be unlocked and not "manana" or "Ghana time". The status quo pattern of late is untenable. If you don't have a stock that the market recognizes then you have to hitch your wagon to one that is. GSR knows the real value of BGI even if the market doesn't.

If GSR (or Ashanti) is willing to give BGI a good credit for the early stage Bui prospect, then a deal might get done for a buck and a half or more, but that's just a guess? If the value of Bui becomes an issue, then the swap goes forward for Dunkwa and the royalties and the explco spinoff model gets used again,
Message 17499856
giving BGI a couple million treasury to start an aggressive campaign at Bui. Either is fine with me.
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