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Gold/Mining/Energy : ECM.VSE - El Callao Mining.
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To: A-B who wrote (1197)2/13/1999 4:58:00 PM
From: Terry Swift  Read Replies (3) of 1253
 
A-B:

You have posed the $64,000 (million??) question. ECM owes Bema C$10 million. What is Bema going to do about it? If they convert it to equity at this price, the dilution will destroy the publicly owned stock. Bema has said nothing about what they intend to do, if anything, except they are not considering a takeout at these price levels. ECM would seem to be an attractive buy down here but the $10 million debt to Bema is a huge burden for them right now and until Bema declares its intent regarding the $10 million, ECM's price may be capped for awhile. Wish Bema would declare their intentions regarding the $10 million. If they want to use it to increase their equity position, they could own 75-80% of ECM real quick but that would destroy the market for those of us that own publicly traded stock.

Terry
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