Is Rye Patch Gold looking to sell Florida Canyon?
Big Al asked Bill and Ira, from Rye Patch Gold about the question of selling the Florida Canyon Mine and here is the answer.
Guys, greetings from PDAC.
The board created the special committee to look at financing opportunities, not to sell. As Florida Canyon continues to move forward with positive cash flow from the mine, the goal is to start developing Lincoln Hill, and ultimately the other properties along the trend. But the way the debt is configured, revenue will go directly to servicing debt.
There has to be a change in the debt configuration and that is what the committee is looking at.
We have come to far to just walk away! We have hired Doug Jones as COO to help move the operations forward and continue the optimization of Florida Canyon.
Our goals are clear and we are doing everything to move forward. There’s also a new presentation on the website for you to look at.
This all comes from Bill by the way as he asked me to respond directly to you.
Hope this helps.
Bonzo,
When you dream of better days, what exactllyl are you dreaming for?
Dreaming of Rye Patch producing 500000 oz gold/year and Novo proving up 200 million oz of gold and gold @10K and silver@1000/oz. and Bill, Hillary, and Obongo in prison, and revolutions in Iran, Cuba, Venezuela, and N. Korea. You’ve got to have a dream or you’ll never have a dream come true.
I also dream of world peace, the end of the fed, and restoration of the gold standard.
Al, what do you dream of?
interestinglly enough Bonzo, only one thing and that is that society would instill a bit of common sense in all of its actions!
Big Al – Thanks for having Bill H. clarify things, as there was a fair bit of market chatter about RPM selling Florida Canyon and this puts that idea to rest.
Much appreciated.
They do need to do something about their debt, but the consistent financing rounds they’ve done have really diluted down longer term holders, so hopefully they find a solution soon that doesn’t end up crushing their share price any further.
Going into production and producing revenues was supposed to get on top of the debt burden, but being behind schedule on commercial production now means they have to go back to the market yet again.
Big Al – Your buddy Bill H. was less than transparent, and the entire answer he gave us up above was a steaming pile of horse crap.
The reality is that after diluting the crap out of longer-term investors with capital raise after capital raise, they just sold the company 1 week later causing most investors that were with them any length of time to get taken to the cleaners. I don’t see this merger as a win for existing shareholders (unless they just got positioned in the last few weeks). The premium was less than exciting, and after all this wait to get into “Commercial Production” it is a huge decrescendo.
Somehow I told ya so just isn’t enough of a statement here.
That’s the last time I’ll believe anything Bill H. reports on.
HERE is the reality – They did just sell Florida Canyon and their entire company.
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(ALO) Alio Gold and (RPM) Rye Patch Gold Announce Business Combination
March 19, 2018 (GLOBE NEWSWIRE)
https://ceo.ca/@nasdaq/alio-gold-and-rye-patch-gold-announce-business-combination
+1
bonzo barzini thanks for your constant optimistic outlook.
My pleasure. I forgot to wish for good health and a long life for all of us. And that the tort lawyers will bankrupt Monsanto and Merck and Pudue Pharma. And that our government will honor the Nuremburg code we signed and not force any medical treatments or vaccines on anyone.
+2
Well that’s a relief! Guess I’ll hang on and dream of better days.