With investors sitting on half-cent shares and waiting for word of a pulse, management of Donner Metals today called for an ‘Annual General and Special’ shareholder meeting to be held on December 10, 2013, bringing some hope that the comatose company may have some tricks up its sleeve.
The location of the meeting has not been decided, but will be somewhere in Montreal, Quebec.
Donner Metals crashed 80% in early September
upon news the company had failed to raise enough money to maintain an interest in the Bracemac-McLeod mine, defaulting on a $5 million cash call.
The company was informed by JV partner Sandstorm Metals that, “as of August 15, 2013, Donner is in default of the Metal Purchase Agreement and that there has occurred a Donner event of default under the Metal Purchase Agreement.”
According to a new release at the time, “Sandstorm Metals will issue 1.33 million shares of Sandstorm Metals to Donner and Donner has provided each of Glencore and Sandstorm Metals with an irrevocable and unconditional release and discharge of any claim by Donner against Glencore or Sandstorm Metals and Donner agreed to an orderly execution of the agreement.”
The company said it continues to hold interests in five Matagami joint ventures, where exploration continues, but no news has emerged from the company since.
For most of October, speculators convinced that Donner may have liquidation value have been snapping up half cent shares in the company, which had previously enjoyed a 52-week high of $0.18.
Recently, however, the V.DON buys have all but ceased, with 2.5m shares now offered at the half-cent rate, and few takers.