via BNN.ca - Eastmain Development

GBN.H is a comparable to Eastmain in the sense that major interests have invested in Eastmain and advanced the project. Where Eastmain and GBN.H differ is that I contend an asset transfer is set to occur at GBN.H(perhaps through the pro-forma bankruptcy) that will be the capital raise to set the company in motion.

GBN.H is not in receivership, and creditors are to be paid in full, indicating the outcome of the bankruptcy is not a given with the extiguishing of the shares in lieu of liabilities. And because they are specifically under the BIA, extiguishing the shares of a going concern may actually be illegal and struck down. There was also no receiver appointed in this case, so therefore no nominee. I would rather call it a restructuring under an asset transfer. They did not fall under the Winding Up And Restructuring Act, for reasons that are unclear.

Eastmain is only hampered by having to raise capital at market, while GBN.H, because of the mills in place may have raised the necessary capital by mining gold and swapping the unrefined product for cash. And, as I believe, have paid their cost of capital. Eastmain is not in a position to do the same. This all has yet to be proven correct.

But GBN.H has not disclosed its assets, while Eastmain has all of its cards on the table. Similarily, infrastructure such as roads, hydroelectric power and nearby airports are to the advantage of both companies. The Province Of Saskatchewan had recently upgraded the power transmission line that runs across the La Ronge Gold Belt, meaning available hydroelectric power grid.

But we do now have a map to go by in the NTS 74 - A - 01, which up until now was a big missing piece of the puzzle, and see that this is what GBN.H has been working towards.

http://bit.ly/2baUeKJ

-F6