Are you kidding me Frank!!! This is the most ridiculous situation I have ever seen. So FC, CEO now only has to make sure that the company defaults and FC the "lender" will get all the assets of the company. Should us shareholders not have a say when all the assets are given as guarantee??
As initial security for the due and punctual repayment of the Principal Sum andany interest thereon from time to time in accordance with the terms of the Loan,the Company shall provide the Lender, upon the effective date of the Loan, witha duly executed debenture therein specifically mortgaging, charging, assigningand transferring to the Lender, and granting to the Lender, a fixed charge over,and a security interest in, all of the Company's right, title and interest inand to all then presently owned or held and after acquired or held personalproperty, assets and undertakings being solely comprised of all tangible andintangible properties and assets and including, but not being limited to, theCompany's QR, Cow Mountain, Barkerville Mountain, Grouse Creek, Bonanza Ledge,Cariboo Gold Quartz and Goldstream Mill properties (collectively, the "MineralProperties") located in British Columbia, Canada (collectively, the"Collateral"), and all proceeds thereof and therefrom, both present and future,and including, without limiting the generality of the foregoing, all of theCompany's present and future rents, revenues, incomes, moneys, rights,franchises, motor vehicles, inventories, machinery, equipment, materials,supplies, book debts, accounts receivable, negotiable and non-negotiableinstruments, conditional sales contracts, judgments, securities, choses inaction and all other property and things of value of every kind and nature,tangible and intangible, legal and equitable, and related to the Collateral overwhich the Company may be possessed of or entitled to or which may hereafter beacquired by the Company, including any greater right, title and interest thereinor any part thereof which the Company may acquire and hold in the Collateralduring the currency of the Loan after the effective date.