Stockhouse post from October 15, 2019:
Just posting the same information here, as most of my posts were deleted when Stockhouse
suspended my account for 3 months because I was posting factual information that an entity
or entities did not want referenced for whatever reason(s).
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Tad wrote:
rjm316,
The following is just my opinion .... if you read through Core Gold's company circular, there
appears to be some "issues" regarding the supposed "lock-up" of shares announced in the
Titan offer.
I suspect that it is Vertex who is now dumping the shares into the market.
It is also apparent from recent statements by Titan MInerals that there was some type of
impropriety regarding the entire transfer process from Vertex to Titan. They've stated in
the past that the transfer of the promissory notes was effective" as of August 21, 2019.....
but in the "Pro Forma" portion of their 616 page circular ... tucked away on page 603(D-5)
Titan has now stated that they assumed the promissory notes on August 8, 2019.
Which brings up some other questions, such as who knew what when, who negotiated
the attempted restructuring, for what purpose, and why.
The Vertex promissory notes maturity date was March 31, 2019 nd should have been dealt
with prior to that time, not in early to mid August.
These guys can't even give investors a straight time line of events. :Why should anything
Titan says be trusted. They lied about Dr Miguel Cardozo being their CEO, they lied about
assets in the company presentations, they were caught with not disclosing potential legal
liabilities for up to $45 million in environmental clean up costs in Peru. Titan has sloughed
off these potential liabilities with statements that they have two "legal opinions" that they
may not be liable ... those are only opinions .... legal proceedings will detrmine the truth
in Peru
DO NOT TENDER TO THE TITAN MINERALS OFFER.
GLTA
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Please note that the Vertex One debt was "sold" to Titan for a substantiial discount to value.
"c) Titan Minerals Limited - Acquisition of Core Gold's secured debt
On August 8, 2019 Titan assumed all of the outstanding interest bearing secured debt with a total
principal amount US $2.5 million from the holder for US $1.89 million. The secured debt is made
up of the following:
i) promissory notes issued by Core Gold in the aggregate principal of US $1.5 million plus
all accrued interest; and
ii) convertible promissory notes issued by Core Gold in the aggregate principal of US $1.0
million plus all accrued interest"
Regardless of what any of the newer ID's (Tapps88, Pipes33, Twoscompany, LoveGod) on this forum
are saying, the following information was obtained at the AGM on October 8, 2019.
The US$1.0 million convertible promissory note was always transferable. It did not require any
consent from Core Gold, or from the TSXV to be tranferred.
The US$1.5 million promissory note was not transferrable without prior Core Gold consent, or the
approval of the TSXV.
The TSXV has rescinded their initial approval of the restructuring ot the two promissory notes.
The reduction of the conversion price of the US$1.0 million note from $0.30 down to $0.18 has
not been approved.
The US$1.5 million promissory note was not transferrable without Core Gold consent, and TSXV
approval. The TSXV has not approved of the restructuring of this note which included the lifting
of restrictions to the note being transferrable. It is questionable as to the actual status of the
US$1.5 million note. No one at the meeting, including Core Gold counsel representatives could
provide a definitive status of this note, due to the rescinding of TSXV approval.
Again, the August 8, 2019 date stated in Titan's Circular regarding the actual date they claim to
have assumed the Vertex One promissory notes brings up numerous questions.
Vertex One had also supposedly pledged their shares to the Titan Minerals offer, but there was
deadline that was not met by Titan and all the shares pledged are most likely not locked up,
so....... is it much of a stretch to assume that Vertex, who apparently "sold" their debt to Titan
for a 25% discount to face value (US$1.89 million / US$2.5 million), could now be dumping
their shares on the market at the present time ?
Could it be that Vertex One was getting alot of redemption requests from investors in their
two funds ??
It was stated at the AGM that the company Core Gold hired to look after the bidding process
solicited a significant number of companies. As a result .... Core God today stated that there
were 17 confidentiality agreements signed. 9 companies have, or are currrently doing site
visits to our assets in Ecuador.
It was, and always has been, an incredulous statement made by certain members of Core Gold's
board of directors and certain management that Core Gold had no other viable options when
they attempted to ram the original Titan Minerals plan of arrangement down minority shareholders'
throats.
DO NOT TENDER TO THE TITAN MINERALS OFFER
GLTA
Source: stockhouse.com |
