Monday, August 12, 2013

J Frank loads up on Sprott Debt

J. Frank is wasting no time whatever in attempting to find a way to liberate that perfectly good dough of his that went into a LEGITIMATE 43-101. First stop, before paper is widely traded even, is a run to massive large known mercenary Sprott.

"Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") announces that it has entered into a term sheet for a short term loan (the "Loan") with Sprott Resource Lending Corp. ("Sprott"). The principal amount of the Loan is $1,500,000, is due on or about December 31, 2013 and bears interest at a rate of 12% per annum, payable monthly or compounded if not paid in cash.

As part of the Loan, Sprott will receive a bonus payment equal to $200,000 payable in units consisting of one share and one warrant (the "Bonus Units").
At last report the paper was changing hands for $ .55, a significant haircut from the good old days when this dope show had 10m+ confirmed ozs.

Simple fact now is that J.Frank ain't getting any younger and his phat behind hole cushion, acculmulated over decades, has been reduced to nothingness. The man of his holeular caliber has NO OPTION now butt to loot and pillage to an even GREATER degree than usual.