During February 2016 Cerro Dorado, Inc.’s ownership of Sociedad Contractual Minera
Cerro Dorado Chile increased from 50% to 99.8%. Consideration for the additional
ownership is still under negotiation.
The last shoe is yet to drop.
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So Aruyn owns the whole enchilada now, hopefully when they buy out MDMN and CDCH there opinion of their own worth does not change. Cause according to them 5% is worth $50 million and should only good up as they prove up the mountain.
Is cdch worth 12 to 25 million which is 5% of Auryn?
Shareholder Meeting May 2, 2016 at 10:00 AM in Salt Lake City to elect five directors, reverse stock split, approve $1,750,000 Rights Offering and approve pursuit of mining tailings reclamation.
Why would they want to R/S that’s death for a pink sheet stock hope shareholders can vote against it. Also they don’t have that many shares outstanding.
Rights offering means they are looking for the money from existing shareholders. I thought the Days were smarter than that. They should just sit of their Auryn shares and distribute proceeds via dividends.
Interesting stuff with short notice, looking forward to hearing from Baldy, TR, and Hurricane Rick on this one.
So on the Rights Offering, is that .007 per share for the 506% ROI?
I’m not “Baldy, TR, and Hurricane Rick” but perhaps I might shed some info :
Unfortunately, the Days (I assume that it is they that own the 500,000 preferred shares) will have 1,000x500,000 = 500 Million votes compared to the 285,833,350 votes for ‘regular’ shareholders.
Which means that they have 63.6% of the votes. SIMPLE MAJORITY CARRIES THE VOTES !
Sorry folks, we’re out of the picture again !
Rod
URL please
Announcing a SH meeting less than two weeks prior to the date of the meeting clearly says that Cerro holders are about to get an ass reaming sans lube. So once again the lesson appears to be the same one I’ve gotten with every pink I’ve ever owned. Management is not to be trusted.
Fortunately for me, I’ve moved on with life. I’m not spending any money to fight any of this crap. The lesson learned is don’t invest in anyone but myself. I’ll again offer my sincerest apologies to anyone who bought into this because of anything I said about it. I truly believed things would be different, and today I’m again feeling like a big dummy for it.
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I’ve requested a call.
I don’t mind the reverse split
I’m very impressed with the BOD
But 15k ounces of gold ain’t worth squat. Not sure why we would raise money at these prices (before the 5% of AMC becomes worth anything). Maybe they figured they would move forward with the pinned project so that they could have a credible BOD but I’d like to know who advised Patrick who has absolutely zero experience in evaluating deals).
I’ll hold my judgment until I am able to speak with him.
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{this part deleted by me - chg}
The project they propose is interesting and nice IRR as proposed. The mining part, assuming their information is accurate, should not be very risky, given it is just processing old tailings. But being in Chile with little visibility who can say what the other risks may or may not be. But since the Days control the vote, obviously this is what will be approved
One might guess with modest risk that somehow Auryn associated people contributed ideas / proposed individuals for this direction. It’s very hard to imagine the Days coming up with all of this on their own. How would they have even identified the opportunity let alone the people?
It would be worth while / interesting if at least someone could attend and provide notes and information.
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Just goes to show you a TO at .05-.10 makes too much sense. Who wants to be around to see these guys keep lining there pockets and the shareholders keep getting crapped on. I’m ready to move on too TR
On top of that these guys have the odasity to schedule a SHM in 2 weeks
There is no control by Les, Greg, Juan, etc. etc. here. So your disparagement falls upon the Days alone at this point who did not approve any of the share issuance of MDMN in the past. So not clear to me where your connection is made …
TR’s comment falls upon pinky’s in general - a point well taken.
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A quickie calculation -…
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The update seems to show the $1.75million raised as 15% debentures with an equity kicker.
You are showing it as issuance of stock. Are you assuming the debenture plan will be rejected?