via CEO.ca - Report On Business
The following article is an object lesson in the scorched earth policy applied to GBN.V shares. The background of the story is during a 20-year bear market in gold prices, which goes unacknowledged. There was also an hitherto unacknowledged bear market in gold mining shares, with wild swings in valuation. But you can see where the convoluted corporate structure of the company comes from if you take in Ned Goodman's past. This article fills in the spaces from an historical perspective.
The liabilities' column for the last quarterly report probably contains the equivalent of ~133k oz. of gold as part of the capital raise. This amount is also equivalent to the accumulated deficit. @$1400/oz., the deficit can be written off.
That means the capital intended to be used for expansion is not subject to taxes and can be fully utilized.
http://ceo.ca/wp-content/uploads/2015/06/Netolitzky-1990a31.pdf
-F6
