This I got as an answer of my questions to IR@niostar.com ...
Thank you for contacting the company. What you do with the answers the company provides is up to you. I encourage all shareholders to ask their questions directly to the company and not get their information via investment message boards.
To answer your questions:
My compensation for taking on the President and CFO role for Sarissa is zero. In addition I am paying my expenses out of my own pocket. At some point I hope to get the company to the point where my expenses can be paid, but it's not a priority. Longer term if I am able to bring significant success (and whomever else helps) to the company, I would hope (and think it would be appropriate) that some type of performance based compensation would be provided. However, there has been no discussion or promise of such an arrangement at this time and it's not even close to a priority for me or the company.
Most of my professional life I have been in the hedge fund investment management business and my compensation was directly tied to the results my firm provided the clients. We were paid for success. I believe that is the way things should be done at Sarissa as well.
As for the priorities between spinout, listing and NI completion. They are all a priority. A spinout of the Niostar subsidiary and a listing are linked together. The plan is to spinout 100% of the a listed Niostar entity to the shareholders of Sarissa as of the record date. If you owned 1% of Sarissa you would also own 1% of the listed Niostar company.
This is being done to raise the status of our project in the investment community to better attract capital and partners for the long term development of the project.
Getting an updated resource classification (we presently have an historical resource classification) is also a priority. This will also raise the status of our project to better attract capital and partners for the long term development of the project. Still in the shorter term the priority is completed pre-feasibility which will even further raise the status of our project.
However while both the listing and geology are priorities, they are also closely linked. The geology via an updated 43-101 report is required for the listing. Also while the listing is pending exchange and regulatory approval the company can’t be performing certain geological work. All of the work needs to be reflected in that updated NI 43-101 report which is required as part of the listing application. This is where the priorities and time frames as well as availability of capital will determine the exact course of action the company takes.
Simply put, the priority is to complete both the listing and the pre-feasibility as quickly as we can. These two items are what will allow the company to then go to the next step on the path to a mine.
A plan is will be provided to investors very soon and investors will be informed of milestones, developments and any changes to the plan as we move forward. As we perform geology work on the property new developments have the potential to influence the short term direction the company takes but a separately listed NioStar subsidiary (100% owned by Sarissa shareholders as of the record date) and completed pre-feasibility will remain the priorities.
Dan Byrnes
