On page 85 of the secret document (http://www.campbellanalysis.com/files/SEC_documents/Investment_Agreement.pdf), we see that Mineral Concession 427 was added back in to the deal in an amendment. 

Earlier in the document, it had been excluded in a very deliberate manner (it was the only concession excluded).

But we don’t’ see CM427 in the PricewaterhouseCoopers (PwC) Tender Offer document that the bids are based on.   The tender offering document lists a few pages of mining’s rights (worth relatively little), but we don’t see the mining lease OR an actual developed gold mine in the offering.

Is this a sign of a pending improvident realization in Québec Court on June 21 and 22?

Does anyone know what this “427” an asset is?   We have some suspicion that it might be the actual Copper Rand gold mine.  Why would this 105 page secret agreement be entered into and so much care taken to specifically exclude the CM 427 asset, and then put the asset back into the deal (asset transfer) in an amendment?

Did other secure Creditors know these details:  that it was pre-arranged and thought out that Matco would be converting their $2.05 million debenture into something really BIG (perhaps all of the key assets).

Now study the Tender Offer document from PwC.  This is the offering document that the bids for the assets are based on.  If other Creditors find that Nuinsco’s bid is too  low (less than the $62 million figure), it may be because Nuinsco has specific knowledge that the most valuable assets are still controlled by Matco, and are not in the offering. 

The assets could have been taken by Matco, because of the way the agreements were written.  We have not posted that analysis yet, but we will soon. 

Whatever we discover, remember that the Raymond Chabot firm had full responsibility to safeguard these assets when these agreements were entered into and executed.   Raymnd Chabot was the Court Monitor, and these agreements were part of the CCAA Plans of Arrangement of MSV Resources (part of the Campbell Plan of Arrangement).

This is what PWC published in their offering document: 

LOT1:  The Copper Rand mining Operations include several mining claims, a mill with 3 1,600 ton capacity ore bins and a 3,000 ton per day concentrator, several buildings, and a residential property in Chibougamau Québec.

WHERE IS THE MINE?   PwC inserted a page that described reserves and resources in page 11.  But the page is “out of place” (a possible attempt to confuse?).  And the summary page does not say that the physical mine is included in the offering.

We don’t see the 5,000 Copper Rand shaft, the underground ramps, developed tunnels, stopes of ore, or areas of mineralization.  Shouldn’t that be considered mining operations?   And CM427 is not listed in the section on mining claims either.

“LOT1” offered by PwC is supposed to be “Operations”.   What are they operating? 

It doesn’t matter if the mine filled up with water.   If there are areas of mineralization with $100 million or $200 million of gold and copper ore AND developed mine infrastructure, we think that PwC should be making that very clear to bidders.  

This Offering document does not look at all like an effort to “maximize value”, as ordered by the Judge.