Hello Crater posters,
It looks like the 2017 annual report will be make or break for CGN. My opinion is based on the share price, massive admin costs, exhausted funds, debt, and comments on Hot Copper. Hopefully the second adit will bring home the bacon and the company will show that it has turned the corner. However, if the annual report reveals that the gold is either not there, or some other problem occurs, money will have to come from somewhere. If the funds from the major shareholder are not forthcoming, then the company may have to wind up. In that case, what happens to the tenements that are held by the company? I'm copying and pasting the most recent list of tenements and many are up for renewal this year. Could anyone with some knowledge in this area please post their opinion on the likely fate of these tenements. In particular, since they are in either the name of CGN (or its subsidy Anomaly), what happens if CGN hasn't got the funds to renew them? And can a major shareholder simply take them via the back door? I look forward to reading any posts on this topic. Prawnman.
Schedule of Crater Gold Mining Limited tenements:
EPM 8795 Croydon Renewal lodged 6/09/2016
EPM 9438 Mount Angus Granted 14/07/2016
EPM 13775 Wallabadah Granted 5/03/2017
EPM 16002 Foote Creek Renewal lodged 30/01/2013
EPM 18616 Black Mountain Granted 18/06/2018
EL 1115 Crater Mountain Renewal lodged 25/09/16
EL 2203 Ubaigubi Granted 10/09/17
EL 2249 Crater Mountain Renewal lodged 11/11/15
EL 2318 South Crater Granted 10/09/17
EL 2334 Crater Mountain Granted 21/05/17
EL 2335 Crater Mountain Granted 22/05/17
EL 1972 Gameta Renewal lodged 19/12/16
EL 2180 Wapolu Granted 27/06/17
CGN Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
