But John, what you are implying certainly sounds illegal. I would expect that the CDCH/Cerro board has a fiduciary responsibility to other CDCH/Cerro shareholders , which includes not selling us all down the river. .??
It sure is! Unfortunately we donāt know what is happening behind close doors so will just have to wait and see what comes out from the notarized documents which should be next week
First off, I 100% agree with Baldy, these back door rumors/deals are killing the share price. In addition to management lack of ability to promote the company in any way shape or form.
Secondly, i am not sure why the constant drumbeat Masglas/AMC needs to execute the option to go public. Like most mining companies with several projects, the projects are held in separate subsidiaries. While I have no knowledge, I would assume that the First Quantum properties are held seperately or a couple bundled in separate subsidiaries. Mining companies do this so they can get specific project financing, and if one project goes bad, there is no recourse to the parent company.
Thirdly, how do we know that at least one of the First Quantum projects did not have a 43-101? Collectively $15 million was spent. There had to been at least one Tech/Geo report between them.
Lastly, if you look at the TSX-V listing requirements, under Tier II, it states that a company must a material interest in OR at the exchanges discrretion the ability to āearn inā a material interest of a property.
JMO, Masglas will be the public vehicle and AMC will be a sub, that may get some of the First Quantum properties thrown in.
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Something to keep in mind if this gets too lopsided.
http://www.houlihan.com/fairness-opinions-uses-issues/#/step-1
One other thing, this having to wait for notarized docs to be accept by the various Chilean agencies is bs. How may times due companies make public a transaction (acquisition/capital raise) subject to exchange approval, shareholder voteā¦
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Like the same fiduciary responsibility that would have prevented CDCH from losing claims, back to JJ, while Les (CDCH Chile) was insuring Hoffman (CDCH USA) that past debts would be covered with share issuance and there were no issues? How did Cerro accumulate all of those IOUs to MDMN insiders if they werenāt paying the bills and therefore losing claims? How about the magical 50% claim of ownership by JJ after 15 years of this ownership split never being mentioned? Anybody whoās been invested here for more than a week should understand that fiduciary responsibility, basic business ethics, a legalities are not regarded by this management. See my previous post of the repercussions (ādisconnectā) related to this reality.
But, before we cry foul, Iād like to see what is presented to the Days. Even though the Days werenāt even included in the process (pathetic) CDCH USA has controlling interest of the Fortuna claim. If CDCH hasnāt been offered a significant premium to where we trade today it could be interesting to reject the offer and see what happens. This would also give us time to analyze JJās claim of ownership (no public records have ever been issued to back of these claims). Iāve encouraged the Days to provide these records. Iām guessing the young lads are feeling a bit pissed off and used after being pushed out of the entire process. Now that they are officially in the āclubā we may be able to work with them.
If the price paid for the Fortuna is high enough I really donāt care either way.
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MDMNās BOD is NOT going to allow any type of illegal activities or anything close to the like, interfere, hold up or jeopardize this contract process with Auryn. And neither is Auryn going to allow anything of the like to happen. There is no back door insider dealings going on. And the share holders will all be taken care of at the end of the day. This obviously is a lengthy process that is playing out, and just because the share price isnāt where some anxious share holders would like it to be to date, does not mean any fiduciary responsibilities are not being met.
With all that is happening, and the way it is slowing coming together with every T crossed and I dotted, it appears something very Big and rewarding for MDMN share holders is on its way. Iām also sure CDCH share holders and any other owner or part owners will all be taken care of appropriately. Just have to let the Business Plan come to fruition.
I see no Dooms Day storm on the horizonā¦ nothing but clear and Blue Skiesā¦!!!
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Iām not sure if naked shorting is allowed as part of the discussion here, but hereās an interesting article regarding Overstock.comās long battleā¦
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For all the sky is blue posters you should consider the past actions of insiders.
Consider that fact and the opportunity. Iām relatively confident Auryn would not cut such a deal but anything is possible. I wouldnāt expect it but I wouldnāt be surprised by it.
John, over the past four years, you ( itās been going on longer than that), have asked how CDCH has been covering not only their purchases but also the taxes, insurance and other feeās accociated with the interestā¦ Wouldnāt CDCH have lost everything if someone hadnāt covered the debtā¦ Not saying it was done properly, but without income a company will failā¦
Sorry John, i reread your post and after going back through some notes on the subject fully understand where your coming fromā¦
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as I recall back around 2003-2007
I believe jj did pay fees, taxes etc. He got a bunch of shares for that along the wayāI canāt remember exactly when. its appreciated, but that doesnāt ethically mean you should do whatever you want with no consideration for shareholders .or the regs/law for that matter, but what can you expect from a lawyer who has twice involved himself with known criminals. there is such a thing as evil people who donāt care for anything except #1.they fall in the classification of narcissist, sociopath, psychopath, personality disorder nos etc, people are mere objects to them and it doesnāt matter to them what they do to others. Call for mr. rogers.
Replace CDCH with MDMN and ask the same question
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[quote=āGCCapitol, post:322, topic:808ā]
how CDCH has been covering not only their purchases but also the taxes, insurance and other feeās accociated with the interestā¦
[/quote] In the APRIL 8, 2015 MDMN update it states:
AURYN owners state that they are committed to the continuation of the program, under the terms of the option agreements with Medinah Mining Chile. The option agreements are specific to the Altos de Lipangue concessions, with NUOCO owners as to the Las dos Marias/Mambo/Colombo concessions, and with Cerro Dorado relative to the Fortuna mine concessions. AURYN states that all of the options will be fully funded to completion.
Current year, 2015 property taxes amounting to USD $40,000 for the three option concessions comprising 7,803 Hectares, were paid on March 31 by AURYN Mining Chile SpA.
FWIW - I took this to mean AURYN was keeping the claims current, including CDCH.
Anybody have contact to Kleen (California dreamer) who might be able to shed some light? After all isnāt he a shareholder of Medinah who used to post on the old mining play who is in the private transaction with LDM? Ah conflict of interest as we sit here not knowing whatās going on but he does??
I donāt understand your comments.
Sorry, Iāll take this to the CDCH board
AMC was paying and billing MDMN. Basically AMC was protecting their own interest by insuring that the claims remain current.
FYI - Important section of the Option Agreement Medinah shareholders should remember:
āThe parties expressly state that this irrevocable purchase option covers the Mining Concessions listed above and any other that replaces or substitutes them, either as a consequence of an extension or of a new mining claim or request. Also understood as forming part of this Option is all property or mining rights that are discovered and requested, claimed, requested or acquired from third persons by the Offerors, or by individuals or legal entities related to the Offerors, or whose mining claim, request, or establishment is pending processing by the Offerors or individuals or legal entities related to the Offerors, within the sites consisting of the upper layer of the Mining Concessions or beyond them, within a distance of five kilometers from any point of the perimeter of the Mining Concessions.ā
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I did look into the yearly, it did show 1,062,498 shares issued for services rendered since 2013, just wondering who has been keeping up the taxes before Auryn took over and how were they compensatedā¦ thanks
If thats the case who is laying out the cash to pay the taxes and how are they getting compensated?
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