Company In Default

The following is my opinion of this company and not the views of Agoracom. Please be advised that the following does not constitute financial advice.

GBN.V as a company is technically in default of a plan of arrangement with its shareholders, thus the bond market takes precedence quite naturally, and the market assigns little or no value to the shares.

Shareholders have been importuned to buy shares surreptitiously in aggressive and ill-advised financings on the promise that they will receive share price appreciation. The company sold the shares while information on development was not forthcoming to the shareholders at the same time they thought the gold price would crash. The company continues to impose draconian restrictions on the information available to shareholders and does not pay a dividend, even though it has net and comprehensive earnings.

The company maintains that it has no outside encumbrances. It has no bond-holders to answer to, or bank loans to repay. But I would disagree. The company has defaulted on its obligations for years. The amount outstanding owed to shareholders is to be determined by the market, but the agreed upon 'plan of arrangement' that shareholders risk their capital for share price appreciation has been defaulted upon.

The company is in DEFAULT of this obligation to the shareholders, but there are no banks to protect said capital interests, save that arbitrageurs sell the shares and buy the bond markets, quite naturally obtaining their return as the top priority.

-F6