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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Richard Mazzarella who wrote (4371)5/18/1998 10:59:00 AM
From: Larry Brubaker  Read Replies (1) of 11603
 
Richard: Who knows, maybe they were counting on payment from IPM to raise the money to build the 1,000 tons per day production plant. You look at Maxam's SEC filing and they don't have a lot of it. Up til now, they've relied on Phoenix for money (which has probably raised much of its money from IPM). Maybe Phoenix was unable to cash in on their IPM shares before they became, shall we say, depreciated?

I don't like Chuck's report last night they are not planning to become a fully-reporting company. Makes you wonder what would be the reason except to not have to disclose how they raise money?

The PR and AGM reports have generated many more questions than they've answered. For example, the PR says something about the original financing not working out. What are they talking about?

Sigh.
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