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The information provided herein is a summary of facts together with allegations based on information and belief that are publicly available in court filings also available on this website.
The Story of Gryphon Gold Corp. Court Filings. Press Releases. The Gryphon carbon pond. The Borealis Mine Gryphon Gold Corp.
John L. Key resigned from the Board, and his son, John K. Key, was terminated from his position as the General Manager of BMC.
It was unclear why management was not processing ore that was 10x the grade. Gryphon and Waterton agreed to the terms of debt financing and, over the next year, Waterton provided several additional rounds of debt financing to Gryphon.
After several rounds of debt financing, and still allegedly needing capital to operate the Mine, Waterton and Gryphon agreed to a debt for equity transaction in January But that interest was subject to diminution if BMC failed to meet its debt service obligations to Waterton.
Based on an opinion of counsel , the rate of interest was so high that it breached Sec. The Gryphon board rejected this alternative and entered into the debt for equity transaction with Waterton.
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