I don't know early history of company so you may be quite right.
So many Pink Sheet stocks especially "mining" companies have similar stories. These guys so inept though sometimes makes one wonder how much was greed and how much stupidity. I mean really, even a few hours doing research on industry and their silly "NI43-101" reports wouldn't have been done ( as you have well pointed out).
What I have always found profoundly interesting was posters who defended the company's inept disclosure.
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