TO ALL:
Quite a lot of incorrect info and mis-information on this thread!
The property is owned 50% by Cuba and 50% by a holding company which is divided in half by GHMC and MMP.A. So each company effectively has 25% of the project. Last season GHMC stopped paying for their share of the drill program for no apparent reason other than they had no money, in reality they were trying to play a little game. The shares of the holding company were 22,000. And the agreement b/t GHMC and MMP.A stated that additional equity would be divided by each company paying their share of the program. Deliquncy would result in more equity for the side that funded to the number of 99% debt 1% equity. GHMC then claimed that this number was really 99.99% and .01%. So the battle began( last July) According to MMP.A they should have had 65% of the holding company and according to GHMC this number should have been less than 52%. This apparently was settled in October with the merger, which was supposed to be for shares in MMP.A only. GHMC would receive 21,000,000 shares of MMP.A. MIY fits in because they own 42% of GHMC and thus would effectively control about 9,000,000 shares of MMP.a under the merger. This process seems to have ground to halt. MMP.A claims that they have hit a regulatory delay and GHMC says otherwise. Obviously there is interest on both sides, GHMC would like to get the 21,000,000 shares and complete b/c they might be afraid of losing more because they haven't paid their share of expenses, MMP.A obviously has more to gain according to the earlier agreement.
The results are there and they will have a mine, financing is not much of an issue. Gold will rebound and MMP.a's costs will be less than $200 per ounce, the gold is very close to the surface( less than 50 m)
Sheritt raised 500 mm for Cuba, MMP.a can raise 30 mm for a mine!
Helms-burton is BS, most of the shareholders are Canadian! This property was unknown until well after 1959, In fact the russians were the first to look at it!
The only big worry is a lengthy delay in getting this resolved. |
