Thursday, September 26, 2013

J Frank goes all in with Sprott - BGM.v

J Frank has been burning the midnight oil and has discovered a way to unlock value ... for J Frank. Everybody's mercenary Sprott has found some mightly fertile fields in J. Franks' deep neither regions.

A match made in venture heaven when one wastes time thinking about it. Pfffft.
"Barkerville Gold Mines Ltd. Receives a Term Sheet for aA $15 Million Gold Loan Facility and Makes Application to the TSX-V for Reinstatement

September 24, 2013, Vancouver, British Columbia -- Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") is pleased to announce that the Company has entered into a term sheet (the "Term Sheet") with 2176423 Ontario Limited (as "Lender"); which the Company is informed is wholly-owned by Eric Sprott; respecting a proposed $15 million gold loan facility (the "Facility") to be provided to the Company by the Lender. The Facility is expected to be advanced to the Company on or about October 4, 2013, and in conjunction with the Company's planned reinstatement for trading on the TSX Venture Exchange (the "TSX-V"); assuming the successful completion of the Company's reinstatement application with the TSX-V; in a single advance of $15 million in accordance with the terms and conditions of a proposed Credit Agreement which is presently being prepared. The Company intends to use the proceeds of the Facility to pay for existing trade payables, to repay its recent bridge loan of $1.5 million and for the payment of operating expenses on a going forward basis."

http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBGM-2107892&symbol=BGM®ion=C
Grease is so bloody ridiculous we ain't even going there. (ultra pffft). Fully secured against every asset, naturally, and one begins to wonder mightily what, exactly, will be flowing down to equity stakeholders as J. Frank loots and pillages his way to recovery of his dough on a LEGITIMATE 43-101.
The ultra long, multi decade history of separating dumb sheeple from their dopey money reads like a J Frank horror novel and anybody believing this career paper schukster has their interests at heart needs a brain enema and pronto. This equity is nearly as big a joke as J. Frank.