"No one has made much on any of his companies except of course Frank"
Got it down to a fine art. Not only does he and and Standard make it coming, they also stand to make it going.
They seem to have not only benefitted from the tax write-offs for the flow-throughs which they participated in; but they'll also get indemnified by BGM for BGM's failure to spent the funds in accordance with CRA guidelines.
Talk about having your cake and eating it., too (double dipping?).
Barkerville Gold Mines Ltd.
Three and Six Months Ended August 31, 2012 and 2011
Under the flow-through share agreements, the Company was committed to spend the flow-through share proceeds on qualifying flow-through exploration expenditures and to indemnify the holders of such shares for certain costs payable by the flow-through shareholders in the event the Company failed to make the required exploration expenditures. As of the date of the condensed consolidated interim financial statements, the Company is expecting a final re-assessment from the CRA. At the balance date the Company has recognized a provision for the indemnity of flow through investors of $1,046,224 (February 29, 2012: $1,046,224) for the estimated reassessments.