Gold and Silver Juniors, Mid-tiers and Producers Message Board

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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: LoneClone who wrote (47391)	8/17/2007 12:09:35 AM
From: Davy Crockett	Read Replies (1) of 78421

just posted this on another thread re: the link between the subprime mess/ tighter credit/ no bids for commercial paper & a mining company Will little Redcorp (RDV.to)get their money? Coventree is a Canadian based company involved in commercial papers, mortgages and the like and the stocks has been clobbered and of course there are a lot of questions being asked about how the company could survive in this market. Meanwhile, little Redcorp is a B.C based mining operations that is engaged in the building of the Tulsequah Chief mine and mill. As such, they had raised almost $240 million and guess where a $102 million of that had been placed. From a press-release today, Redcorp suggests “they invested on the recommendation of its bank, HSBC bank of Canada a total of $102.2 million in the following E notes with 5 separate trusts managed under the Coventree Capital Group.” Those notes were not paid on maturity dates and remain outstanding. The balance of Redcorps investment of $137 million has been invested in the Royal Bank and other deposits is HSBC bank of Canada, Royal Bank of Canada, CIBC and TD bank. This looks like a safer alternative these days, doesn’t it folks. All those confusing weird things out there that might have given you a percent or two higher in return suddenly look a lot less appealing than money stashed in a straight forward bank, a flight to quality. Meanwhile, Redcorp trades 50 million shares today and obviously there's more than a few people worried that some of their money maybe at risk of disappearing. On the other hand, if this credit mess does get sorted out it might become a decent punt… Message 23802024

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