Wednesday, September 25, 2013

Barkerville Gold get 15 Mill from Eric Sprott

Remember this company? The company who reported those phantom 10.6 million oz Au? You know, that estimate that no-body, not even the "qualified persons" could explain how it had been calculated.

The company who raised just over 1 million dollars, spent less than 20% of it on exploration and 60% of it on management/consulting fees.

The company whose CEO, Callaghan, paid over 6 million in fees to companies owned by him and gave his two kids a salary totally $52,000 between the two of them (his son got more than his daughter)

The company who then upon realizing they had no more money to give themselves did a 5:1 consolidation

Somewhere along the line they also got kicked off the V.

Its funny because basically, Barkerville is offering up everything and all for the loan. Which, as IWNATTOS asks, why not just keep the money? Sure, Sprott will be getting gold at a premium in this "Gold Loan Facility" but...does anyone know if they even have any gold?

Interesting to note that you can squander investor money for your own personal gain, lie about a resource, get kicked off one of the shittiest exchanges around, and still receive 15 mill from a respected name in the gold-bug world....

Yes, that's what I was thinking as well Rotoscoped Keane Reeves....

Well, read here and let me know what you think.

Further thoughts.....

The errors and thievery of this company is an old story, and many blogger wrote about it when it all came to surface. Barkerville Gold has served as a single example of greed on the venture exchange, but also stands as a grander metaphor of the state of the industry in itself. The regulators nor the executives who pollute this exchange do anything to ensure that their supply of funding continues on for another day. Whether it be the out of touch, non-reality based, regulations which have done nothing to stop the gluttony of greedy management, or the management themselves whose only aim is to see how much money they can get from the industry (before buying another house in West Vancouver) it doesn't matter. The fact is, they've dun goofed and fucked it up for a lot of us who really want to invest in junior resource projects based on their geological and economical merit. The Venture Exchange has become the Canadian Pink Sheets, and that was never its purpose.

They talk about a "cleansing" and it can't come soon enough.

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