Nextsource Materials Inc (NSRCF)

[riverrock]

Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a)

http://ih.advfn.com/p.php?pid=nmona&article=72768291

Please scroll Down to: PROPOSALS TO BE CONSIDERED BY STOCKHOLDERS

In Proposal No.3, they propose:
“To authorize the board of directors of the Company to effect a reverse stock split of our outstanding common stock in a ratio of between one-for-five and one-for-ten, in their sole discretion, without further shareholder approval, at any time prior to the one year anniversary of this annual meeting; provided that all fractional shares as a result of the split shall be automatically rounded up to the next whole share.  The Board of Directors recommends that the Stockholders vote “FOR” this proposal . “

First they degrade the company by creating a large float, then propose reverse splits of either 1 for 5 or 1 for 10, (meaning a new float of about 92.2M shares based on the 1 for 5 proposal) and (46.1M shares based on the 1 for 10 proposal)

In Proposal No.5, they purpose:
“To approve an amendment to the Company's Stock Option Plan to increase the number of stock options authorized to be issued to 46,000,000. The Board of Directors recommends that the Stockholders vote “FOR” this proposal “

They actually want to approve the new options that would be from 50% to 100% of the number of new shares if Proposal No. 3 were approved.

Why would the large institutional shareholders approve such baloney?

Definitely consider voting against Proposal's No 3 and No 5 and demand they form a JV with reputable partner or partners.