International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Joe Hartenbower who wrote (29977)	1/19/1998 1:33:00 PM
From: Gerald Walls	Read Replies (1) of 35569

Do you really think that without those loans, IPM would be better off? A million bucks better off, with $600,000 of that while in default of another loan. From the 10-Q: The Company in 1996 and 1997 made non-interest bearing loans to Namibian Copper Mines Inc.("Namibian") to cover the operating expenses of Namibian, including the salaries of its executive officers. At September 30, 1997, the amount owed was converted to an investment in Namibian. The Company owns 1,157,990 shares in Namibian. Namibian shares office space with the Company. Several of the executive officers of Namibian also are executive officers of the Company. The Company is in default on an outstanding debenture in the amount of $250,000 and is negotiating with the holder of the debenture. A failure of such negotiations could have a negative effect on the liquidity and capital resources of the Company. Is this the time to loan company capital to another risky venture? So yes. I think that IPM would be in better shape and would be less tainted without the Namibian "loan".

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