Why is it that we are being kept in the dark for so long? The initial language translation reason for us waiting for the details of the CDCH transaction is now 2 weeks old. What is the excuse now?
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excuse always is that they never deliver when we think they will
You are absolutely right George. However the Cerro transaction is a material and significant event for the whole mountain and they are responsible to report the details to shareholders and we are still waiting and guessing and it is just fn rediculous.
And now I am going to STFU.
Possibly if they disclosed the terms of the Cerro deal, then it would tip
off the similar terms of the Medinah transaction. Why that would be
an undesirable thing, I don’t know.
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Maybe it would be a desirable thing?
Im just so sick of these companies I just want a modest return so I can tell my friends HEY it took forever but at least I made some money on it. I will never brag of how great of an investment this will ever have been!
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Has anyone talked to the Days to see when the update is coming out?
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Are they translating these docs in farce Italian French Arab?? I mean really something to be ashamed of. Come on Days!!!
Brecciaboy just posted, " I haven’t heard anybody mention it but to me the execution of the purchases of the Nuoco and Cerro Chile concessions (yet to be ratified by Cerro,NA??) for what is rumored to be a 5% stake in AMC each pretty much confirms the intent to exercise the ADL option. "
Maybe the Days are trying to get the terms modified. Probably would have some legal clout to get it done.
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there has to be something we are not seeing like they CDCH Chile has every right to do this… Alot was done without us knowing and I bet there was alot of paper work CDCH signed and not translating it prior
CERRO DORADO
SHAREHOLDER UPDATE
March 7, 2016
Salt Lake City, Utah
Cerro Dorado Inc., a Nevada Corporation (“the Company”), would like to provide shareholders with the following updates:
The Company’s trustee was in Santiago from January 17-24 meeting with representatives of Auryn Mining Chile SPA (“AMC”) as well as other claims holders of the Altos De Lipangue. The purpose of these meetings was to discuss ways to amalgamate the various properties, owned by several entities in order to streamline the process being conducted in the area by AMC and increase efficiency. As a result of these meetings, the Company is pleased to announce an agreement by and between it, Sociedad Contractual Minera Cerro Dorado Chile (“CDC”) and AMC which has resulted in the transfer of CDC’s ownership of the Lonco Millarepu and Fortuna claims to AMC in exchange for a 5% equity ownership of AMC and, in turn, all of the claims now owned by AMC on the ADL. This ownership is represented by a certification which is in the Company’s possession. Furthermore, management has determined that it is in the interest of both the Company and its shareholders that any proceeds directly resulting from this transaction be used to return value to the shareholders directly rather than using them for exploration of new projects.
With that in mind however, the Company remains open to the pursuit of additional projects and opportunities, both domestically and internationally, which stand to increase the value of the Company and benefit its many shareholders. In that regard, management, in conjunction with various knowledgeable advisors, will review any such projects as may be presented to the Company. In the event a project is deemed worth pursuing, based on its merits and amount of risk, the Company will explore all feasible funding options outside of any proceeds from the ADL project.
Additionally, during this trip the Company’s trustee met with Juan Jose Quijano Fernandez, who overtime has become a significant owner of CDC. The purpose of this meeting was to negotiate the return of ownership of CDC to the Company and, as a result of these meetings, 2,490 shares of CDC have been returned to the Company at no additional cost to the Company.
Lastly, the Company regrets to announce that it has accepted the resignation of Christopher Day as its President and Director. Mr. Day’s resignation comes as he is no longer able to dedicate the time required by the Company and is not the result of any disagreement with the Company.
Management wishes to thank Mr. Day for his time, dedication and service.
Kindest Regards
Cerro Dorado Inc.
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2,490 shares in CDC is significant??? Who knew I was a significant shareholder many times over??? Preferred shares???
What percent of CDC does 2490 shares represent?
That’s 2490 shares of CDC which is not the same as shares of CDCH.
This is talking about shares in Cerro Dorado Chile, not US. That was JJ’s 50% of the company.
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So I take it that once AMC exercises their purchase option for 85% of the ADL, that CDCH does not receive a 5% interest in that deal? For it is not presently owned by AMC. Anyway that’s how I read it. Anyone know/think anything different?
Wrong. They own 5% of AMC. It may certainly be diluted though if there are cash calls to AMC shareholders.
That’s not how I read it. Looks like, CDCH gets 5% of AMC, which includes currently owned claims AND future interests.