Hard to tell what there will be here that is of interest when the current round of musical chairs stops. The short range focus includes a lot of moving parts, with not much real clarity on any part of what the end result will be.
First will need a valuation for the Marg property... which is described as 50 km away from a road or power... to see if all the effort that will be required in an effort in herding the various moving parts might be worthwhile.
Then, there appear to be a lot of open ended risk factors in unmet debts and potentially unknown additional debts defined in the "legal" section...
The audit they had done didn't cover the internal controls... which is not surprising given the transfers of money to "consultants" who were hired to buy properties, or sell the Marg property, or raise financing $$$ which never happened... although there was a pretty large quantity of company cash given away in those efforts... some of which might still have the obvious sorts of liabilities associated with them ?
Recent musical chairs in the board room... I'm still not certain where that leaves things now, or who is driving the bus. The players seem to have resumes... but, there doesn't really seem to have been anyone in control providing any useful direction...
I see a pretty decent PP was done at $0.04 a share in April this year, and, since then... they say they've settled all their prior debts and eliminated the liabilities... in return for which they wrote a convertible note that converts to 150,000,000 shares.
With more than 42 million already out, the current authorized of 150 million won't cover the obligation for 150 million shares under the note... so, the authorized looks like it will be going up to... what ???
I'm going to want to see proofs that the liabilities have actually been eliminated... which might be hard to accomplish, given the way it looks things have been run for the last few years... Seems there is an still unmet, outstanding obligation for $118K under a garnishment in Ontario ?
Assuming new owners (who are they) do get a solid handle on the various bits that seem they are still possibly not well controlled...
Then you can shift focus to what the value of the property might be, and what is going to be required in terms of $$$ or % of the property used in a JV, to have it begin to be realized... and, what is the likelihood the effort the new owners will undertake will ever allow them to escape the convertible notes ?
The current issue seems to be the market pricing of the 48 million shares out, now, compared to the 150 million newly obligated in the convertible notes... which were sold at what amounts to a per share price of $0.0025 each, not including accrued interest, of course.
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