ECM.VSE - El Callao Mining. Message Board

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Gold/Mining/Energy : ECM.VSE - El Callao Mining.

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To: A-B who wrote (1197)	2/10/1999 5:22:00 PM
From: BAKE	of 1253

ECM will obviously have to repay its debts at some point in time. Bema runs all of ECM's affairs, and therefore has made all the decisions regarding ECM's debt.Bema would not recall the debt and destroy their own offspring company(ECM).I would hope not. If Bema were to buy out ECM at some point in time,the debt would have to be taken into account. ie.----> if Bema paid $30 US/oz for ECM...... ECM ~45 million shares. Reserves=~2.6 million oz(70% to ECM)=~1.82 milion oz for ECM plus potential. 1.82M oz * $30 us/oz=$54.6 million US for all of ECM Subtract $10 million US...$44.6 million US=~$67 million Can. The debt would have to come off prior to deciding on a final offering price. Likewise if Bema sold ECM to another company; the debt would have to be repaid or taken on by the buyer. Gary.

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