Monday, May 21, 2018 11:06:10 PM
I haven't invested there because it doesn't seem to be a good move for the retail investor.
Still CMI's position seems to be getting stronger as a result of the work that has already been done and what is going forward.
If TNGL provides a resource and reserve as part of the process and ends up not being able to cough up the necessary finances to get to complete their obligation, then CMI is back to 100% ownership.
If they do come up with the full 20 million and if that doesn't result in production then CMI may have to cough up some cash for getting over the hump. That could cause a renegotiation which could get thorny.
When they optioned in to Mil-Lar; they ended up owning the whole ball of wax. That is a precedent that concerns me.
But the one thing that is obvious to me is that TNGL has the money backers for letting them search out and invest in potential undervalued projects. Right now, they own and are mothballing the Mil-Lar properties, and are looking at that silver gold project in Mexico as well as the Comstock.
Over the years they have taken a number of projects for a ride and decided to not go forward after giving them a good look see. The money was there each time; as was the dilution.
I understand your disinclination to invest in CMI and I think I recall your commenting once that you would rather invest at a higher price if and when it looks like things are actually going well then take a chance on it while it is still so wobbly.
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