I fully expect this loan to get extended once again before the end of June, and possibly even increased. $4.5 million? $5 million? At 10% interest, this loan pays more than Mark Smith's salary, so it's in his best interest to elect to extend and increase it.
Perhaps our new Wharton graduate board members will see the folly in this business arrangement and finally put an end to it?
It just seems a bit dubious that MS is loaning $$ to a company, which then uses that $$ to pay his salary, all while he collects 10% interest on that $$.
Historically, MS loaning $$ to NioCorp goes all the way back to 2015, when he first loaned the company $2 million.
Nearly every time that first $2 million was about to come due, the company extended the due date and increased the loan amount. This has continued for the past 8 years - MS collects his salary, then loans the money right back to the company at usurious interest rates.
Thanks man, always appreciate your calm demeanor as nothing ever seems to rattle you. I wish I had more of what you got buddy! I’m sure it will be fine in the end I just wish management would be more forthcoming on updates and news. Nobody likes being left in the dark. Have a wonderful weekend.