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Sadly this was on the cards. Looking at the last update they were losing too much money and the drop in PoG has not helped. A sale is probably the only way investors might get some money back, but the debt position is large. I lost lots here with managements near lying hype, however I am glad I managed to get something out before this managed mess.
The suspension of operations has resulted in the Company withdrawing its guidance for Q4 2022.
If additional outside financing is not obtained in the short term, PureGold will not be able to meet its obligations as they become due, resulting in a default under its debt obligations.
SpaceHoppa
"..... with managements near lying hype....."
Precisely. That's exactly whatPure Gold was all about. Mark O'Dea, a snake oil salesman to add to all the other snake oil salesmen on AIM and TSX.
TDT
My only surprise TD2, is that they couldn't manage to get anyone to buy more paper,
although that yet might happen.
I am buying here.
Stock discounting now a 90-95% probability of going bust.
I am taking that other side of that bet.
Expect bailout by Sprott.
The co was breaking even at 1800 gold.
Only reason why we are got this press release is decline in gold p.
This is why this will be salvaged.
And there I was wondering who could possibly be stupid enough to buy after that RNS / the shi* show of the last 2 years here. You’d be better off betting on the greyhounds…
I am buying ;)
Care and main fence is something they should have done a while ago.
The gold is there. The mine is there.
Sprott is very much aware that ops have improved - they are getting the gold.
Gold price is an issue short term.
They ll be bailed.
Yes could go to zero. That’s priced at 95% on shares already.
Or blue sky at 40p.
I take that bet.
*maintenance
Looks like you could be right Malik buying already started !
"It's dead, Jim".
A while ago I stated that this was a company with great assets in the ground that was bound to make a lot of money for somebody in the future... the big question, given our debts, was whether it would be us that made the money, or somebody else buying us out at fire-sale prices. That when prices drop a lot the brave gamblers step in and the pragmatic take loss on the chin by selling out.
For those that thought that 20p or 10 p was bargain then 2p must be even more of bargain... this must now count as about as risky a gamble as AIM has to offer, but on the remote off-chance it pays off then that pay-off could be huge.
I'm trying to tell myself I'm not so reckless as to throw more money at this but...
I can't be bothered with the company anymore. It appears pointless. The timing of the gold price consolidation has killed this. They have too much debt and the costs of extraction are just too high.
I've taken what little I had left in this stock and put it into Galantas Gold. They have no debt and are using the revenue from their mine to expand production. Hopefully the returns from that will make up for the dramatic loss in this share.
Good luck to all those who are left.
I'm out.
WW
Sprott could buy this off the administrator, as he has loaned PUR at least $6m
Was this planned......crafty sod
SHG has 3 bidders in the frame...2 large Chinese gold mines
Worth a look
disclosure .......i hold
Well you know my thoughts on Sprott ...