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Gold/Mining/Energy : Winspear Resources
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To: Rocket Red who wrote (17741)4/6/1999 8:24:00 PM
From: Gord Bolton  Read Replies (1) of 26850
 
red, and anyone else interested in the court case, go to sedar.com and read ABER's Prospectus. It tells the whole story. One of the things that ABER could do with their $100 million is hold shares in WSP untill needed for the mine. One of the things that they could not do is spend it on some project other than the Diavik mine.
According to the prospectus and some provinces securities regulations if Aber deviated from their business plan outlined in the prospectus the folks who bought the $14.75 Aber paper could back out and why not when they could buy Aber shares cheaper on the market.
The Prospectus also says that Aber already has a spin off company that holds Abers other interests. So I would not be surprised at all if Aber approached Winspear with their little cash problem and suggested that they would rather take cash and securities (Winspear shares) which they could legitimately hold than spend cash which they could not.
And yes I bet they were stalling and thinking of ways that they might juggle some cash into Aberex so that Aberex could fund the winter program and Aber would not appear to be spending the Diavik cash on something else.
I think that the suit is nothing more than posturing by Aber after the fact.
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