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The reality is that when one is not in an "Official position" (such as a poster) you can say almost anything. When you are on a Board of Directors or an Officer of a Public Company, large or small, you must ensure that your statements are factual (to the best of your knowledge). I am sure, for example, that Dan made many comments as a poster but he is now in an "official position" therefore those are the comments that he should be responsible for not necessarily one s made prior to September 2014. IMO.
Without the benefit of the Company providing specific details to Shareholder positions, or access to the Transfer Agents Shareholder roster, it is virtually impossible to determine what an Individual / Other Entity owns in the way of Shares.
That said Sarissa has over 900 M shares outstanding with Scott Keevil holding the Senior Executive position since he joined Sarissa some Eight plus years ago. Since that time all important matters announced / related to the Company have Scott s direct involvement / comment. A reasonable conclusion is that Scott is the Control Person. As for the number of shares he owns, or by Entities controlled by him, it is virtually impossible to determine without disclosure or access. But I conclude that it enough to maintain Corporate control.
IMO - The issue is what is the Company doing and what is it s future (Niostar, Sarissa, other) not what I say or for example Evilrbt or Est1 says. We are all entitled to our respective (and hopefully respected) opinions.
A "Niostar" Prospectus will provide some insight if this document, and the Filing process, is completed.
You are likely right about a full time experienced, and paid, Executive operating the Company however further Funding likely a problem. To fund this person, and find additional funding, would be extremely difficult under current Company conditions.
As for Scott he is the major Shareholder, and Control Person, so he is not going anywhere. IMO.
I agree with both you and Moojer "shorts" have nothing to do with the poor stock performance of the Company. It is IMO a lack of effective Management - of the Business and that of the Asset.
Lack of Press Release on this subject.
Believe he was referring to the Niostar shares that are planned to be issued once Regulatory Approval is received. I don t believe that a Filing to the Regulators has yet been filed.
I understand the thought process of issuing "dividend shares" to Sarissa shareholders of Record (at future date) but not sure how the accumulated debt etc of approx $5 Million due to the Parent Company -Sarissa - (and others) is going to be dealt with. Shares issued? Forgiven? To be paid back through future Revenue? Financing proceeds? The various PR s issued by Sarissa have been silent on this but the Management must have thought this through. The Niostar Prospectus, when completed, will no doubt have to address this.
I know that the Chinese deal didn t close. I know that Scott is a member of one of Canada s wealthiest family s. I know that Scott has financial means. I know that Scott has been involved with several stocks - mainly penny stocks in the past. I know that Dan was the Principal of a hedgefund that closed up shop a number of years ago due to poor performance. I know that Dan is bring sued by the US Federal Government / Dept of Labor for failing to act properly referencing a Retirement Fund.
I know that Sarissa has performed terribly in the Market for the past eight years. I know that at present Sarissa is trading at .0102 cent(s). I know that the Company has released a series of Press Releases since Dan joined the Board in September 2014. I know that the Market had not responded to them postively. I know that Dan had no Operational experience in Mining or in the Management of a Public Company.
I expect that both Scott and Dan know wealthy individuals but that in itself doesn t mean that those individuals will be involved in Sarissa either as an Investment or on it s, or Niostar s, Board of Directors. You have to have a real Business, Experience and a Business Plan that has traction.
Absolutely not. Neither Scott nor Dan have the back ground, resume or experience to find "someone" who will put up the money required.
The very small money maybe. Hard to find considering the Stock price.
IMO what the Company requires is an individual that has Mining Operations, Business development and Public Company experience.
Dan has come on Board, whatever the reason maybe, in order to to try to steer the Ship in a right direction. Yes, further mistakes happened since he came on in an Official capacity however in fairness he didn t have any hands on experience.
Does the Company have substantial Assets? It may have but we don t know. It certainly doesn t have them from a Regulatory point of view but that can change once a FULL AND COMPLETE document(s) is completed. IMO the Plan that the Company announced is a good one if they are able to complete all the requirements - Mining and Regulatory.
I applaud you on your efforts to consolidate the Company s current status and their planned Moving forward Plans. It was an incredible effort on your part.
It is really something that the Company should have done themselves but there is no doubt that your efforts in this regard will be helpful in allowing Shareholders, and maybe more importantly prospective Shareholders, the ability to understand what the Company wants to achieve.
Yes I would say the Stock has no support.
You may very well be right. However Dan does not have the Business nor Mining Operations experience required to undertake such a Project. Then there is the question of Funding such a Plan. There is no realistic hope of obtaining the type of funds required.
Nice words with all the "proviso s" well established in the verbiage.
The Market is not accepting it.
The Company needs to provide Fact.
Please tell - what is in the "pipeline"?
What I want is this Company to be run as a serious Business concern. They are far short in achieving this. The lack of Funding, inexperienced Management and no Business infrastructure - the results are clear.
There is no realistic Business reason for a "competitor" to act in such a way. Sarissa is many many years away from achieving Production capabilities - if at all. There is still a lot of work required to prove out the Asset. And that is only the first step on the long road.
There are three Producers in the World and IMO none of them care about Sarissa. It is highly doubtful that the two Brazilian companies even know about it s existence.
You are right eight years of opportunity have been squandered.
In fact he has not. One example - he had an obligation as a Director and Officer to inform the Shareholders about the Law Suit against him that directly involves the Company and his "Investment" in the Company. Shareholders only found out through News reports several weeks (or a month plus) after the US Department of Labor filed the Suit.
To obtain meaningful funding, at this stage, a Company requires a narrative that a potential Investor believes in and at the end of the day will provide an exceptional return. Unfortunately, as Sarissa is structured with it s Management and the "style" of Operations, obtaining this type of funding is virtually impossible unless an Insider provides it.
I don t know what the exact figure required is but it most certainly is the hundreds of thousands of dollars. Getting a Niostar listing is one thing but there has to be an aftermarket in place for there to be any chance of success. Otherwise it will be more of the same with the same results.
An opportunity could be squandered if they are not well Funded and Prepared.
The simplest explanation for the poor performance is that the Company does not have the Asset proof required for the Market to take it seriously. It has essentially had the same storyline for the past number of years without any discernible result.
IMO there is no meaningful "short position" but merely a Company that is not performing either in the Field, Office or on the Market. Yes, apparently the Company is taking steps to reorganize itself ( whether it be separating / listing it s suggested significant Asset and / or other steps) however this has not yet occurred. It will be several Months before the Sarissa Shareholder knows whether this is even possible. More importantly what it means to the Sarissa Shareholder individually / specifically.
As I understand the Corporate situation it is two guys (Scott and Dan), located in two different locations (Ontario and New York) who are trying to build a Mining Company. There is no "Office", no support staff or designated "Mining Professionals" directly involved with the exception of an aged 80 plus "Engineer" who is by all indicators a "silent" Director.
Based on my view of the Company s Corporate performance "Money" is a Major issue. I highly doubt that any significant funds are available to the Company short of Scott providing funding. There is no indication that he is willing to provide the type of funding required.
IMO this is a Company, like so many others in the Market, that is trying to find a way forward.
I don t believe that "minimal dilution" is entirely accurate. The Company has significant Shares issued and outstanding - as of October 2014.
Authorized - 950 K
Issued and outstanding - 922 K (approx)
IMO - shorts in the Stock is not the issue.
Certainly what you are asking about is entirely possible - along with other type s of "founder stock" being issued. There are any number of potential scenarios.
That said the lovely thing about a new issue Prospectus is that it is a full and complete description and declaration by the "Niostar" Company and it s Management of events of the Company.
Therefore any further share issuance including the " Sarissa Shareholder dividend" must be fully disclosed.
The Niostar Prospectus will provide all Shareholders detailed information in this regard along with Asset Information.
We don t actually know who was doing the trading yesterday - insider or not. Irrespective of that I would think that the Company requires further funding at this point. According to the various Press Releases / Shareholder letter etc the Company apparently has made progress over the past several months which they expect will lead to separating the Niostar asset from sarissa (and listing it separately).
The October 250K PP likely is exhausted by this point and further funding is required IMO.
These various items that the Company states have occurred under Dan s tenure so to replace him, at this time, would be unwise unless a proven Mining Executive was installed. Dan s position has been a bit of a revolving door over the past couple of years with minimal hard results. An Executive replacement with a proven track record in the Business, Public Company and Mining arena would be understood by the Market but another neophyte in that position would not be acceptable.
Actual trading in Sarissa is soft as the Market is not accepting of what has transpired to date and is unsure of the Management to meet it s goal of an independent Niostar and what it actually means to a Sarissa shareholder.
When actual fact is presented by the Company, by way of a Filing with the Securities Authorities, this may very well change (depending of course on it s viability). Until this happens IMO it will be very difficult for sarissa to have any sustained share traction.
Absolutely not. It is what many smaller sized Public Companies need to do to generate the cash that may be required. To operate a Company it requires cash. Sometimes it is the only way. If they want to get the job done there may not be another way - investors are dried up - Principals don t have the resources for example .
It MAY BE that someone associated with Company, having a large block of stock, is selling in order to fund the "Chance" recommendations. It could be that the Company has gone through the Private Placement (Oct 250 K) in order to get to this point. Obtaining outside funding would be difficult as this juncture IMO.
When the Prospectus is filed with the Regulatory Authorities I will be lined up with many others to congratulate the Company Management on their achievement.
That is an achievement worthy of congratulations.
Really? These are the facts related to the Company.
The original British Columbia Cease Trade Order - Sarissa Resources -
Cease Trade Order
Sarissa Resources, Inc.
Section 164 of the Securities Act, R.S.B.C. 1996, c. 418
¶1 Sarissa Resources, Inc. (Sarissa) is a mineral exploration company with offices in Oakville and Chapleau, Ontario. Its principle mineral properties are located in Ontario.
¶2 Sarissa is not a reporting issuer in British Columbia. However, it conducts investor relations activity in and from British Columbia.
¶3 In its news release dated August 4, 2009, Sarissa disclosed mineral resource estimates on its Nemegosenda Project in Ontario.
¶4 Under section 4.2 (1)(j) of National Instrument 43-101 Standards of Disclosure for Mineral Projects, Sarissa was required to file, within 45 day of
August 4, 2009, a technical report that supported its disclosure of the mineral resources.
¶5 Sarissa has not filed the required technical report.
¶6 Under section 164(1) of the Act, the Executive Director orders that all trading in the securities of Sarissa cease until:
1. it files a technical report in the required form on its Nemegosenda Project in Ontario supporting its disclosure, and
2. the Executive Director makes an order under section 171 of the Act revoking this order.
¶7 June 17, 2010
An Amendment to the Cease Trade Order - Sarissa Resources
British Columbia Securities Commission
Partial Revocation Order
Sarissa Resources Inc.
Section 171 of the Securities Act, R.S.B.C. 1996, c. 418
¶1 On June 17, 2010, the Executive Director ordered (the Cease Trade Order) under section 164 of the Act that trading in the securities of Sarissa Resources Inc. (the Company) cease until the Company files a technical report that supported its previous disclosure of a mineral resource estimate on its Nemegosenda Project in Ontario and the Executive Director makes an order under section 171 of the Act revoking the Cease Trade Order.
¶2 The Company has filed a technical report that does not support the Company’s previous mineral resource estimate. By news release dated October 5, 2010, the Company retracted its previous mineral resource estimate and has revised and updated its technical disclosure on the Nemegosenda Project.
¶3 The Company is an OTC reporting issuer under BC Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Markets because since September 15, 2008, investor relations activities have been conducted by it or on its behalf in or from British Columbia.
¶4 On October 15, 2010, the Executive Director varied the Cease Trade Order to reflect the proper spelling of the Company’s name, to delete paragraphs 3, 4, and 5, and to amend paragraph 6 to delete section 1 and to substitute “it files the required records complete in accordance with the Act and regulations” therefore.
¶5 Joseph P. Van Tassel, Supervisor, Court Operations, Enforcement Services, Ministry of the Attorney General of Ontario informed the Executive Director that:
1. at the request of the Canada Revenue Agency (CRA), his Enforcement Officers seized 250,000 common shares of the Company (the Shares) from Capital Transfer Agency.
2. the Shares are in certificate form, certificate number 1518, in the name of Larry Salo, and
3. he is required to sell and convert the Shares into Canadian dollars to satisfy Larry Salo’s debt owing to CRA.
The Executive Director is satisfied that this order is not prejudicial to the public interest.
The Executive Director orders under section 171 of the Act that the Cease Trade Order be varied solely to permit the sale of the Shares.
July 19, 2012
John Porges Manager Corporate Finance
------------
A Cease Trade Order is a serious matter and shouldn't be white washed.
In order for a Cease Trade Order to be removed the Company needs to satisfy the Regulatory Body that issued it. In the case of Sarissa they know the facts pertaining to the actual issue(s) and presumably can satisfy the requirements - if not now certainly as they move forward with their Plan.
How it may affect their proposed separation of Nio Star (to list independently) is the question that I am sure they are investigating.
Upon the Nio-Star prospectus being accepted by the OCS it will make them a reporting issuer in Ontario.
In Canada, unless otherwise exempt, a distribution of securities cannot be completed without the filing of a prospectus. This requirement is intended to protect investors.
1. Prospectus
A prospectus is a comprehensive disclosure document providing detailed information on the issuer’s business and the securities being offered. Furthermore, if the distribution of securities is made by an entity that is engaged in the business (or holding itself out as engaging in the business) of trading in securities, the entity must be registered as a dealer. This helps to ensure that securities are sold by qualified people who have a duty to know their clients and assess the suitability of their clients’ investments.
2. Listing in Canada
The Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSX-V) are the two major Canadian public stock exchanges. There are a number of junior issuers listing on the Canadian Securities Exchange (CSE) which is where Nio Star is hoping to List.
In Canada, opportunities exist for corporations to go public and access the capital markets at a much earlier stage than in other markets, such as the U.S. In some circumstances, the CSE and the TSX-V (through a two-tiered system with different levels of listing requirements) facilitate listing at a pre-revenue stage. Many non-Canadian corporations list in Canada as a first step toward listing in the U.S.
3. Initial public offerings
The process for completing an initial public offering (IPO) in Canada generally TAKES THREE TO FOUR MONTHS (from the application date).
An issuer must first file a preliminary prospectus with securities regulators for their review and comment, followed by a final prospectus. A prospectus must contain “full, true and plain disclosure of all material facts” related to the issuer’s business and the securities being offered. It must also include three years of audited financial statements prepared in accordance with International Financial Reporting Standards (IFRS) or U.S. Generally Accepted Accounting Principles (GAAP) with a reconciliation to IFRS. Securities regulators are required to provide their comments within 10 business days of the date the preliminary prospectus is filed. An issuer is not permitted to file a final prospectus until all comments from regulators are settled. Recent amendments to the prospectus rules provide significantly greater clarification on the rules governing the pre-marketing and marketing of the public distribution of securities, including with respect to marketing materials and road shows.
An issuer planning a public offering in multiple Canadian jurisdictions will generally rely on the “passport” system. Under the passport system, a preliminary prospectus filed and cleared with the issuer’s principal regulator is automatically accepted by the other provincial regulatory systems.
An issuer that becomes listed in Canada upon completion of an IPO will be required to comply with Canadian requirements on timely and periodic disclosure, financial reporting, and corporate governance, as well as the policies of the exchange on which its securities are listed.
I would think that a "beginning of the week" PR would have more traction than issuing one on a Friday afternoon.
IMO what you are speaking too in your Post is leadership and experience in operating a potential Mining concern and the accompanying Public Company. Sarissa is lacking both leadership and experience -( as well as sufficient funding in my opinion).
Mining and Public Company Operations are time consuming and difficult. That said Scott, and more recently Dan, chose to take on these responsibilities.
While many seem to take issue with what they deem to be negative commentary the fact is that Scott and Dan, as Officers and Directors, have a responsibility to the Shareholders of the Company. Shareholder / Investors have provided the Funding to enable the Company to exploit their Assets. In accepting this money they take on the responsibility of keeping these people informed. It is not their private sandbox it is that of the Shareholders.
I don t understand why anyone would object to the Company posting current information on their Website if their interest is the success of the Company. I would think that many investors would be interested in the Factual affairs of the Company opposed to speculation as to what is happening.
One thing that the Company do is use their Website to provide current and factual information to their Investor base.
"The path he has picked is to pursue the listing now and get that in order"
-------- ------- ------- -------
I presume you are referring to Dan in the above statement. Where is Scott Keevil in this Corporate equation?
Is it suggested that a neophyte Manager is making all the Business decisions related to the future workings of this Company. Dan has zero experience in operating a Mining Firm yet alone a Public Company. The only thing I know for certain about Dan s business background is that he operated a commodities trading company some years ago that went out of business. This Company went essentially bankrupt and that the US Federal Government has filed a Lawsuit against him for acts directly related to that Business enterprise - investment of Retirement Funds.
In addition the federal government wants to seize control of the employee retirement plan of the closed commodities trading business after accusing Dan Byrnes of improperly investing the plan's assets in a Canadian mining venture.
That is what is known about the President of Sarissa.
I have made no comment as to where money has been spent. I am not privy to that information until current Financial information is released .
My only question, made previously, is do they have enough cash on hand to meet their commitments and to cover the costs to compete their current suggested Plan.
Web -overall I find your posts informative and an interesting read. However in this case I have a disagreement with how the Company is managing it s public affairs.
The Management of this Public Company, as with all public entities, is supposed to be running a Business on behalf of Shareholders and Investors that deposited Money into that Business. Those Shareholders and Investors have a RIGHT to know what is happening with their Company. The Officers of the Company have certain OBLIGATIONS in this regard.
There is a great deal of negative history concerning this Company as has been expressed by many. IMO in order to attract the Investment Community interest they must present a comprehensive storyline, a Business Plan that is fully understood and act with decisive leadership.
While this seemingly was the track that they had started in September, with Dan s appointment, they seem to have lost their way.
That s not the way it works. That ultimately acts as a form of gossip.
Fact directly from the Company Management is the proper Business form.
The Company and it s Management have the duty, obligation and responsibility.
I believe that you are right. There is desire I am sure on the part of the vast majority that behind the scenes much is being accomplished. That said there really is no reason to believe that this is the case. Dan came on board in early September bringing with it a lot of hope that his involvement would allow the Company to turn the corner.
While a couple of items have apparently been completed (I.e. October $250 K Private placement, Audited FS for Niostar) Eight months later little else has been announced by the Company that can be considered as completed.
There have been a few "update" PR s issued by the Company and several "update comments" attributed to Dan shared by Shareholders. For the most part they have been comments that suggest progress is being made ETC but ultimately are merely providing reasoning for further delays etc.
The Company is not taking full advantage of communication platforms to get their story out. With the exception of PR s issued the Company Website has not been updated since it came back to life earlier this year. Why not utilize the Website to keep the Shareholders factually and fully informed of current Corporate / Company events at the same time allowing prospective Investors to follow the Company affairs and potential investment opportunities?
IMO there just doesn t seem to be a realistic and economically sound Business Plan that they are following.
It is time for the Company to provide factual information to their Investors.
-What about the NI Report? When?
-New Directors? Who? When?
-New Niostar listing? When?
Is Scott Keevil actively involved?
-Financial requirements moving forward. How much is required? Does the Company have those funds on deposit?
-Will they have raise more money to achieve the apparent immediate goals (NI Report, Geology requirements, Professional services - geology / lawyer / listing costs / etc)?
There are a ton of further questions / points but this is a starting point if nothing else.
I am not sure that receiving the Report this week is a reasonable expectation. I believe that it is quite involved and would take several weeks to complete once all of the required data is received.
IMO it is time for the Company Management to provide a concise and factual, including a best guess timeline, update to it s Investors and Shareholders.