Offer to purchase Worthington Mackenzie mill raises many questions
Many questions have been raised in the last 24 hours since we heard that Mackenzie Timber Group, a wholly owned subsidiary of Range Gold Corp, put an offer on the table for the Worthington Mackenzie mill.
- Why hasn’t the mill been seized for non-payment of taxes? About $2 million is owed in municipal taxes.
- If the province has been paying millions to keep the mill site safe and is paying the workers, would all of the purchase price go to Worthington Properties?
- How would Range Gold Corp afford to purchase this mill? If you look up the company’s financial position (available through www.sedar.com) they don’t seem to have the cash or assets available to make a purchase of this size.
- Worthington purchased the mill for $6.5 million in 2008. So why is the offer now for $12 million plus as much as $33 million in shares?
Turns out we weren’t alone in our suspicions. Opinion 250 News went even further with their suspicions:
Range Gold’s CEO is Donald Sheldon. It is alleged Sheldon put up the bail for a man accused (but not convicted) of money laundering 6 years ago and that is raising some eyebrows. A second man arrested in that investigation was Martin Chambers, who was eventually convicted and is serving time in Florida.
It is also alleged Worthington Properties CEO Dan White, (and at one time sole director of the company which owns the Mackenzie Mill) had links with Chambers in the 1990s. It should be noted White was charged and convicted of money laundering in 1998, that case involved illegal liquor sales. White served a 6 month sentence of house arrest.
Mill Offer Raising Questions (Opinion 250 News)
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