Git, River North is the replacement for SouthRidge to dump heaps of shares to raise a bit of cash. There is an important difference between the two arrangements. With Southridge ecpn had to announce every little share dump a bit after the dump. This caused a lot of shareholder hang wringing and pouting. With River North arrangement they don't hafta announce anything. It just shows up in the 10Qs. ecpn shareholders don't have the patience to dig through the 10Qs so this was one of jonnyboys more elegant solutions.
Below is the PR for the warehoused cons. Note how they talk about proceeds from these cons but they just sit. oned explains this away as the dirt hasta stay put on account of it is being used as collateral for some gianormous (pretend) deal. Prolly in Tuscon so ol chuckie can go and visit the worthless dirt on the weekends and pray. oned revealed that if there was enough praying PMs would magically appear in the PMless dirt.
May 31, 2016 02:38 PM Eastern Daylight Time
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--El Capitan Precious Metals, Inc. (OTCQB: ECPN) announced today that its contracted processing agent, Logistica U.S. Terminals, LLC, has placed in excess of seven tons of precious metals concentrates into a bonded COMEX warehouse in the name of El Capitan Precious Metals, Inc. The warehouse receipt demonstrates the value of the concentrates to be $3.7 million.
It is expected that the proceeds from the sale of these concentrates will support the operating capital needs of the Company as it ramps up its operating plan.
