Sunday, September 7, 2014

BGM.v plumbs new lows as Sprott debt weighs heavily

"On Aug. 29, 2014, Barkerville Gold Mines Ltd. negotiated a second limited one-month extension and waiver in connection with its existing credit agreement with 2176423 Ontario Ltd., a company controlled by Eric Sprott, during which period parties will continue to review potential loan amendments that might better fit with the company's business operations going forward."

A body needed no crystal ball to predict this here particular krap-out. The long term track record of J Frank is all about what works for J Frank and we are talking generations worth of horsechit and MANY reincarnations for new suckers to swallow. The instant the equity was attacked to repay J.Franks' goofy debenture for a REAL 43-101 via Sprott debt was it.

Is paper touchable at any level? Not for this monkey. Current incarnation is pretty much 1000% doomed, which is probably the singular reason J. Frank pretended to take a hike in the first place.

The company reports, having recently received the written resignation of Frank Callaghan, that Norman Anderson, the company's current chairman, has been appointed the interim president and chief executive officer of the company. Mr. Callaghan remains a director of the company.®ion=C
J. Frank luck has finally run out, vis-a-vis the multi-year horseshoe up his hoop as he fended off those intent on offloading his hideous arse.

Damage was done via Sprott debt long ago so cry not for "poor" J. Frank.
"Interim CEO Anderson made sure to diplomatically thank Mr. Callaghan today for his "many years of selfless hard work and care . . . ." His selfless hard work last year came with a $240,000 salary, plus $1.2-million in fees charged by his private companies for exploration, deferred development, loan interest and administrative expenses. His son Sean also received $68,000 as he learned the business."