The Daily IKN email digest, get all daily posts sent to you next day (& no ads)
Back on Tuesday, this humble corner of cyberspace reported on the financing deal that Lydian Intl (LYD.to) has put together in order to fully fund construction of its Amulsar gold project in Armenia. The deal can be summed up by the official market terminology, BOHICA*. Or if you prefer, that Canadian mining management standard, "Shareholders, if they can't take a joke f__k 'em".
Since that time, IKN has learned from several sources (precisely three) that the deal is in trouble. Big block shareholders of LYD are between annoyed and furious about the terms, which will squash share price value forever and hand the lion's share of profits to the financiers (unless gold goes rocket up of course, but then if that happens they all go up and there's no reason to hold LYD compared with non-indebted names).
The deal has to be voted through by shareholders and at this time, the rebellion has enough backing to put the approval in serious doubt. Heads will roll.
*Bend Over Here It Comes Again