Conclusions -

The company failed to advise anyone whether a further stay of proceedings was ordered by the court, as we are now past due on the second stay. Counting the calendar days since May 13 makes 10 weeks time. No release from the BIA was announced and no performance certificate was issued. I'm utterly surprised that the judges fell for it and did not throw these fraud artists out of court.

The company had a balance sheet insolvency which triggered a pro-forma default when the prepayment for the next quarter to the mining subcontractor was not forthcoming. But there was no credit event, since CCAA was not declared.

The company remained under the BIA instead, since we're discussing amounts under $5m. Rather, ZERO dollars was owed. Thus CCAA was not ordered by the court.

The whole BIA was arranged to make the company appear to go bankrupt, which would ostensibly absolutely convince anyone holding shares that they should divest at the first opportunity.

This company has the wherewithal to run a business, but is set on giving people the business.

-F6