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Daniel Byrnes is not going to come up with anything. No Financial Statements of any sort filed since the quarterly s of March 30, 2015. No Shareholder communication since April 2015. And then, this week, they allow the Web Site to lapse due to non payment. Delightful !!!
Many thanks Es1.
Es1, I am sorry but I must have missed the current story line connecting Sarissa Resources with Canada Resources PLC. What is this supposedly about?
Sarissa Resources could easily be called a "stinky pinky,". It meets the criteria many would associate with that description. To name only a few:
- thinly traded pink sheet public company
- with significant corporate governance issues
- a majority and / or control owner that has shown little actual interest in exploiting / developing the Mining Asset
- creative Financial Accounting structure
- incomplete Geological Data
- outstanding Cease Trade Order in significant Jurisdiction
Add the Lawsuit against the Company President (Byrnes) for what the US Government describes as an illegal act referencing his fiduciary duties with a registered retirement fund.
Daniel Byrnes, aka Dmbao, posted on the Sarissa Resources ihub page on numerous occasions leading up to his appointment as President.
Daniel Byrnes was appointed President of Sarissa Resources on September 2nd, 2014.
A Private Placement, purported to be arranged by Daniel Byrnes, is funded on October 3rd, 2014 - Details - US$250,000.00 / 31,250,000 Shares at 0.008 cents (discounted to the then Market price) with a "hold" period of Four Months and One Day
The discounted Private Placement of 31,250,000 shares were released from their "hold" on February 4th, 2015 and can be legally and freely traded.
Series of Seven - Sarissa Press Releases - Sept. 2nd, 2014 through to April 28th, 2015 issued under Daniel Byrnes name.
A "Shareholders" Conference call is arranged with interested Shareholders in Sept 2014. S. Keevil / D. Byrnes provide commitments and promises to the Stakeholders.
Two Promotion type "radio interviews with Daniel Byrnes" are broadcast.
During this Sept 2014 / April 2015 period and slightly beyond the volume and stock price were relatively active reaching close to the 0.02 mark (over 100 % higher than the Private Placement purchase price).
Since April 28, 2015, some nine months ago, the Company has been completely silent on their activities. This is in spite of commitments, promises and assurances by Management (S. Keevil and D. Byrnes) of greater shareholder communication etc etc.
The share price has been in descent since that time and is now "trading" in the 0.003 range.
The most recent Private Placement shares have been resold, the latest storyline / "pump" is done and Scott Keevil and Dan Byrnes are in hibernation - " Sarissa Resources style. "
The Company needs competent and experienced Management.
It doesn t mean it is going to get it.
Far too many "false starts" and questionable Asset quality to raise the serious funding required.
Scott Keevil controls the Company and there is no reason to believe that Sarissa Resources will not continue to exist as it has over the years.
Presumably it will sputter along for a while yet. Es1 has got it right.
Dan joined Sarissa / came on board in September 2014 with his own self serving agenda. It had nothing to do with developing the Company. That is very obvious.
It is now very evident that the Eight Year Voyage with Scott at the preverbal helm has merely been a series of stories with no or minimal fact to back them up.
New Management / Real Business Plan - Your analysis is correct.
Daniel Byrnes involvement and instillation as President and Director was completely self serving.
He has absolutely no interest in the Shareholders at large. What is so hard to understand about that?
People can fool themselves and they can try to fool others but trying to sell the President s integrity is a non starter. His interests (now maybe only previous interests) are very obvious.
Nine Months without the Company having any communication with it s Shareholder base
A "President" (Daniel Byrnes) who is being sued by the US Government for withdrawing money from a Registered Retirement Fund and investing it in Sarissa Resources which they assert was illegal.
No Financial or Quarterly statements filed since March 2015.
Etc Etc !
At this time an appropriate question that could be asked is:
Are they still in Business?
Other than the fact the Company has a listing there is no sign of Life!
There is no question that the Company needs a Management change. There is also no question that Scott Keevil is the controlling party and there is no question that he has the most to benefit.
That all said the best approach, for the benefit of the Shareholders at large, is to try to find a method to remedy the situation and save the Shareholders interests. That in my opinion can only be done by finding a resolution that is in Scott s best financial interests.
The Company essentially has had three "Presidents" over the past few years. Scott - self explanatory, Ben Ward - likely took the position as a favour to Scott while he was structuring his own deal which includes Scott as a Investor, Shareholder and as a Mortgage Guarantor. No doubt there was and is some mutually agreeable relationship. Then there is Daniel Byrnes who had been a regular "conversationalist" with Scott. He no doubt promised to provide a Private Placement combined with a "Business Plan" which would have allowed the Company to seemingly move forward. It seemed like a good idea to Scott as the Company would get some money, someone else to "run the Company" and would allow for a new face and ideas. We now know that a previous private placement that Dan apparently had funded was through the proceeds of a Registered Retirement Fund. This matter is now the subject of a Lawsuit brought on by a US Government agency.
Who knows where his latest private placement funds were from however we do know that the PP was funded well below the then present market value, the shares had a four month hold on them, that during a certain period after the hold period had ended the share price and volume escalated before dropping to the present levels. It is fair to assume that profits were derived from this PP transaction. IMO Dan s involvement was completely self serving.
The one constant is Scott, good or bad. I believe that it is in the shareholders best interests to find a going forward path that will allow Sarissa a chance at success.
Again how to achieve that result is the question.
While I appreciate your sentiments I believe that efforts are better served in trying to find a positive resolution to the situation.
While it is obvious, at least to this Shareholder, that there have been a series of Corporate events that have not served the independent shareholders well I do believe that it serves all of our interests to find the positive resolution.
Scott Keevil is the controlling individual of Sarissa Resources and as such it is necessary for Shareholder representatives to have discussions with him to find a positive path moving forward - if at all possible.
Frankly I don t think that (I.e.) Reporters care about this issue. I don t believe that Keevil Family members care about Scott s reputation in reference to Sarissa. I actually don t think that the SEC or Regulatory Authorities care about Sarissa as there really isn t obvious evidence of fraud occurring. Creative Accounting for sure but that is true with so many trading Companies.
I don t know whether Scott actually believes in the Nemegosenda property or not but if he does I would think that he would be interested in "help" in taking it to the next level. I would like to believe that Scott is honourable and wants the best and the success of a potential Mining operation. I don t know this to be the case however it would be advantageous for the Shareholders to find out.
The Company needs a full restructuring, in one form or another, in order to have any chance at success but at least this would provide investors a chance at recouping their money and with good management (and a bit of luck) reaping a profit on their investment.
Where to start this process is the question? Looking at it from a positive point of view does anyone have an idea?
Seemingly the "exploration" work done to date has been shabby to put it gently.
It is virtually impossible to properly investigate an Asset unless you have a stable Corporate and Business structure. In the case of Sarissa Resources this has alluded them. Not only has the Company had a revolving Presidential door over the past few years - occupied by non mining experienced individuals - it has shown no interest in properly addressing / respecting the Shareholders.
The constant BoD Member, and controlling Corporate party, has been Scott Keevil who does not seem to be terribly interested in the Company Mining affairs. However he has a certain flair when it comes to the structural / accounting aspects. Es1 quite properly describes part of the "consulting" fee aspects.
However I would disagree that 99 % of penny stocks are scams. There are many that are marketing their projects in the full belief that their project, and their Company, is a truly viable one. True Business issues may come in the way of the dream being realized however the intentions are honourable.
In the case of Sarissa the initial intentions were probably sincere but somewhere along the way that vision seemingly was lost. For the past number of years it has been one story after another with no actual positive result. Not every potential opportunity pans out, in fact most don t, but keeping shareholders informed prevents the type of rhetoric that is now being thrown around from occurring.
No doubt that much of this had been perpetrated by the constant rumours by non insiders - mostly unfounded rumour in fact. Had the Company communicated with their Shareholders, and they had the chance when Daniel Byrnes was appointed, the market status of the Company may very well be different.
Even without Mining experience and / or Public Company experience the opportunity was there for Dan to possibly make a difference. However he didn t rise to the occasion and that train has now left the station.
The quote that Evilrbt is referring to, attributed to Scott Keevil, is contained in the April 27,2015 Press Release (subject: Technical Report).
Dan is not a scapegoat - he has just done an awful job with the Company during his tenure.
He is not responsible for the Company affairs prior to his appointment in Sept 2014 but he is most certainly has significant responsibility for matters after that date.
It is not the share pricing alone that is the problem - it merely stands as a reflection of the Market beliefs as to this Company affairs and future.
The fact is that Dan promised transparency, spoke to a actual Mining Business Plan being implemented and having regular communication with the Shareholder Base and the Market.
He failed to deliver on all levels.
Dan should have stayed a Poster however the financial returns are no doubt better as an Insider of the Company.
When Dan was appointed President in Sept 2014 there was a short period of time where it seemed that the positive expectations may be realized. However after the short burst of expectant energy, and some modest administrative results, there is little or no positive that has actually been accomplished over the past 16 months.
While some praise Dan Byrnes for his efforts, and hope that these "efforts" continue, it is impossible to see the business and historical reasoning behind such a belief.
If there is a group of Shareholders who intend to call a Special Shareholders Meeting of the Sarissa Resources I trust that they realize that relatively rigorous Regulatory and Legal requirements need to be fulfilled in order for it to have Standing.
While not being one of the legal requirements, per se, it would prudent for this group to be accessible and direct with all Shareholders irrespective of their emotional feelings towards some.
Below I have provided a short layman s synopsis of what would be required to hold the suggested Special Shareholders Meeting. The actual Regulatory and Jurisdictional requirements of course are much more defined.
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Apart from annual shareholder meetings, which are required by state law, corporations also sometimes have “special” shareholder meetings. Unlike annual meetings, special meetings do not occur on a set schedule and are not enshrined in a corporation’s bylaws. Instead, a special meeting is usually called by a corporation officer, a group of directors—or by one or more shareholders who own a sufficient number of shares of corporate stock.
The minimum amount of shares necessary for shareholders to call a meeting is defined by state law, and usually runs between 5 and 10 percent of total outstanding shares. Keep in mind that if a single shareholder alone does not have enough shares of stock, several shareholders who together have enough stock can jointly call a special meeting.
Written notice, or a “call,” of the special meeting must be sent out in advance. Generally this notice is issued by the corporate secretary, who receives an initial “call” from a director, officer, or shareholder, and in turn issues the notice to all shareholders. The corporation bylaws usually state how much advance notice of special meetings must be given to shareholders. Also, a federal regulation requires many publicly-traded corporations to provide a proxy statement to shareholders before a special meeting. Be aware that the corporation bylaws frequently will state that attendees at a special meeting can only vote on matters listed in the meeting notice. Example: Zeta Corporation has 10,000 shares of outstanding stock; you own 1500 Zeta shares, or 15% of all outstanding shares of Zeta stock. You are also certain that Zeta’s President, Treasurer, and other officers have not been fulfilling their legal duties to the corporation. You should be able to contact Zeta’s corporate secretary and call a special meeting to discuss replacing Zeta’s officers.
The foregoing example aside, more common reasons for calling a special shareholders meeting might include filling a vacancy on the corporation’s board of directors following a resignation, or voting to approve a major sale of corporation assets. (Similarly, directors might call a special meeting to consider such matters as a major loan to the corporation or an employment contract for a new officer.) As with annual shareholder meetings, votes taken at special meetings are only valid if a quorum of shareholders is present.
What constitutes a quorum is a matter of state law; generally, states requires that more than half of the shares entitled to vote be represented at a special meeting. However, corporations sometimes include a requirement in their bylaws that more than a simple majority of voting shares be present. (Bylaws are kept by the corporation, but are not a public document; if you want a copy of a corporation’s bylaws, you should contact the corporation.)
There really are not any signs of illegal activities within the structure and activities of Sarissa Resources. The apparent work done, and the associated documented costs, over the years apparently are reasonable and complete. Any Regulatory Authority that may want to investigate the Company and it s Management for illegal activities require proof of such misconduct. To the best of my knowledge there is no such proof. If there are individuals reading this Post that know of matters that reach this level please share it with the rest of us.
Borrowed from a fellow poster -
"Value is not realized only via property, but mainly thru people"
This is an absolutely true statement.
You presumably are correct in that if a group wanted to they could run the stock however there really aren't any signs that such a grouping exists. There are a substantial number of listed pink companies that fall into a similar category.
There has been a great deal of creative accounting used over the years. Scott Keevil has been in control of the Company, and the Board, during much if not all of this time. There has been a revolving "presidential" door during this period. Daniel Byrnes is merely the latest occupant.
For reasons previously expressed I highly doubt that any meaningful business deal was presented or existed during the "Dan" term. The business requirements for a proper business deal simply don t exist - Corporately or Geologically.
Irrespective of the current share pricing the ordinary operational requirements of the "Sarissa" Business doesn t exist.
Anyone buying this Company s stock is doing so only with blind hope being the obvious reason.
The Management silence for the past Eight plus months plays into it. Add to this a quote on another Board by a regular Sarissa supporter and contributor, who suggests that he has regular contact with Dan Byrnes, who wrote this morning:
"Nothing new from Dan. From what he says there was an offer, then a counter offer and then no reply to the counter I asked him if there was a plan B and he said no."
This is not suggesting that this individual is responsible for anything to do with the Company actions however it is out there.
The fact that the Company Management shows so little interest in the affairs of the Company is merely being represented in the Market.
Dan Byrnes comments, made some 6 weeks before his appointment as President, were those of a naive individual with no Business experience in the Mining Industry.
Dan had no previous Public Company experience. His performance with Sarissa Resources has been pathetic.
Scott Keevil is disinterested.
Could anyone truly be surprised with the Company s current position?
The legal case you referenced is in the document exchange process. Exchange of Document Disclosures are set for April 2016 therefore any actual Court appearance, unless settled of course, will occur sometime after that date.
Your analogy is a good one. If the stock were not performing (?) so poorly the opportunity you are speaking to would not be available in the same manner.
The issues are with the Company Management / Directors (?) and the performance of the entity that they have been entrusted with not with individuals participating in the Market.
I personally am not interested in participating in the type of trading discussed but I fully respect and understand the opportunity presented. Frankly it possibly is the only trading that is keeping the Sarissa stock from hitting the floor.
IMO it is possible that Dan Byrnes is no longer with the Company. If I recall correctly it was a number of months before the Shareholders found out that Ben Ward had moved on. I believe it was only in September 2014, when Dan became President, that we first found out that Ben had resigned the previous March.
However according to Company Website the Management remains as stated although the Website seemingly has not been touched in months.
Without question there has been some creative accounting that has occurred during the years you quoted.
Should the Company ever exit it s current status there is no question that the debts owing, mainly to principals and related entities, will be realized and settled in favour of the creditors.
In the meantime, without the benefit of current Financial Statements being prepared and available, it is highly likely that similar accounting methods are being undertaken by the present Scott / Dan management team.
Unfortunately with this type of listing there are very few meaningful checks and balances in place to prevent abuses by Management.
Assuming that this tandem have the interest and ability something will happen with Sarissa in the coming year. Again unfortunately I do not believe that it will be considered to be in the best interests of the shareholder base.
Yes I understand however much of it was accumulated debt I believe. I am not certain that millions were " pocketed " per se. All that said the Company has very little to show for it.
Neither speculation nor libel.
Quoted from US Government public source.
The Fort Orange Capital Management Profit-Sharing Plan was established in January 2003 as an employee pension benefit plan for employees of Fort Orange Capital Management, an Albany investment management and commodity trading company which ceased operations in 2005. Daniel Byrnes, the company's sole owner and officer, was the plan's trustee and a fiduciary under the Employee Retirement Income Security Act. An investigation by the Labor Department's Employee Benefits Services Administration found that Byrnes violated his fiduciary duties to administer the plan prudently and solely on behalf of its participants and failed to diversify the plan's investments to minimize the risk of large losses. In 2011 and 2012, Byrnes used $220,000, or approximately 96% of the plan's assets, to purchase eleven million shares of a single penny stock, Sarissa Resources Inc.. Sarissa Resources, Inc. is a Nevada mineral exploration company, for which Byrnes currently serves as president and interim chief financial officer. In addition, the plan has not filed a Form 5500 since 2002, has not issued benefits statements to participants since 2003, and has not updated its Summary Plan Description.
I highly doubt that Scott has made Millions on Sarissa however I expect that he has made some money over the years. He has also positioned himself well should Sarissa, or it s main Asset, ever materialize into something meaningful.
I don t know about a longterm relationship between Scott and Dan , Dan as a quasi insider prior to his appointment, however I do believe that Sarissa is being used as a vehicle to generate financial gains not necessarily available to all Shareholders.
Of course a Company can communicate with it s shareholder base. If there are meaningful negotiations presently underway, which I seriously doubt, a Company may still provide some sort of communication to the shareholders indicating that they are still alive and active.
Dan Byrnes, who was appointed the President of Sarissa some Fifteen Months ago, suggested his was coming on board with a Plan. He suggested a vital aspect of this plan was transparency and Shareholder communication. Not only had the actual Business Plan not provided any meaningful results the aspects that were an essential element have gone entirely missing. Over Eight Months have gone by without a word from the Company. No Press Releases, no letters to the Shareholder not even an update in the Company Website. Nothing!
Yes he apparently did bring in a private placement in October 2014 in the amount of $250 K however it was done at a discounted price to the then market and if I recall correctly they had only a four month hold attached. All the proceeds have been expended many months ago. Most likely the shares issued under the private placement have long ago been sold into the market since there were certain pricing upticks, albeit minor, since they were issued.
Dan is not the saviour that some suggest.
They seemingly are clueless as to what to do. Essentially they have completely disappeared. Whether it be Scott or Dan they are no where to be seen or heard related to the affairs and operations of the Company.
The Shareholders can do little except go along for the ride and that ride is downwards.
I hope for the best but it is only hope. There are no business reasons to believe that this Company with it s present "management", Business and Financial circumstances is capable of anything else.
You are absolutely right of course although some would disagree with you.
IMO the Market as a whole, and a vast majority of Company Shareholders, know that Sarissa has no discernible business operation.
Maybe it will change but not without a wholesale change in the "culture" of the Company, how it is "operating" and a complete management cleansing.
The current "management" team of Scott/Dan lack the skill (mining and public), experience, motivation and / or genuine interest in the Company.
IMO there is no legitimate "other group" and "no experienced management / bod" individual(s) that are going to join Sarissa with their check books open, etc etc.
IMO there are simply two guys, who for their own self serving reasons are "acting in executive positions" in and around a publicly traded company.
The Company has provided Eight Months of complete silence.
True Trading of the stock is essentially non existent except for occasional volume spikes when an insider, or I suppose a non insider, requires a cash injection to their Bank account.
Ridiculous gossip and rumour generated based on absolutely no fact.
Incomplete Geological Data on the Companies main "mining" asset.
Cease Trade order outstanding in a Canadian jurisdiction.
The President of the Company, Daniel Byrnes, is being litigated by a US Government Dept for neglect of fiduciary duties of a Registered Retirement Fund.
Accompanying that suit is the Labor department seeking millions of Sarissa shares, from Mr. Byrnes, in partial restitution of funds taken improperly and illegally according to the Lawsuit and Public Statements made by US Government representatives.
Dan Byrnes does not have bonafide "contacts" in the Industry. Dan Byrnes is not the saviour that some believe he is.
There is no business reason for anyone to buy the stock, save for those interested in very short term "trading". Selling is not a legitimate option as there simply is no market.
The Asset has minimal value as there are no meaningful valuations completed.
There is no Legitimate Mining Group that is going to buy the Asset from Sarissa Resources based on the Data that is available.
There will likely be a "new run of wild speculation" starting in January but it will all be based on more "tomorrow's", "next week" timetables along with "new Directors", "new money" etc etc etc. However, IMO, this will not have any legitimacy.
Potentially a profitable Business idea however the Company only has the mineral rights!!!
A September 2014 quote attributed to Dan Byrnes, Sarissa Resources President.
"I know I have to prove myself and be transparent to earn shareholder confidence but anything that can be done to provide a positive environment at this point is important and will be appreciated.”
Over Eight Months since the Company uttered a word!
I wonder what happened?
IMO the only real chance for Sarissa Resources to get out of the muck is for the Management, Principals and Directors of the Company to act responsibly with the affairs of the Company. Over and above the Operational Business aspects it includes providing the Shareholders , and the General Public, regular, timely and informative (good, bad or neutral) information.
I highly doubt that Dan is providing insider information to anyone yet alone people he does not know. If he is SHAME on him. If he is it will catch up with him and it will cause severe Regulatory problems for not only himself but also to Sarissa Resources should the Regulators become aware of it.
Just as a matter of general interest there are Regulators that regularly monitor all activities of a Company, including the viewing of Public Forums, seeking information about the activities of a Company and it s Management. It is highly unlikely that Sarissa is on any regulatory radar, due to it s inactivity, however if Dan is providing factual information to some and not to others he is playing with fire.
The Company Management has been completely silent Publicly going on Eight Months.
The suggestion, by some, is that they are being told information privately by Management types that certain negotiations, proposals / counter proposals etc, are underway. There is absolutely no proof that this is the case.
You are incorrect - Dan s present and past Business experiences are absolutely pertinent to the affairs of the Company. He is the President and a Board Member of Sarissa Resources.
There has been talk, by some (and at a different site), about contacting Scott Keevil s father - a well known Mining Executive. I suspect that people are grasping at straws or who knows what! The fact is that he has absolutely no Business affiliation with Sarissa Resources and therefore contacting him is completely inappropriate.
Sarissa Resources is a Business and the Executives and Management have legal and fiduciary responsibilities to the Shareholders of the Company. If they are not fulfilling their duties then action of some sort is in order. Whether it be through absolute Legal channels, through the Regulatory Authorities or to the Management / Board of Directors directly then so be it.
However to suggest or endorse "Kindergarten" behaviour is absolutely ridiculous.
It seemingly is hard to believe but Sarissa Resources is a Business. It needs to be dealt that way by the Management (which is doing an awful job at it) and by the Shareholders respectively.
There is no reason to believe that Dan has the ability to compete a Mining transaction.
Furthermore Sarissa is a sub one cent stock with close to One Billion shares outstanding. A Property that is highly thought of by some but has no completed documentation / analysis to be judged on / by. Sarissa does not have Mining qualified Management. ETC.
Can anyone really believe that any deal, yet alone a deal that is reasonable and fair to the present Shareholder base, be realistically possible?
The Company has been completely silent on their "project" going on Eight Months. There is no reason to expect any sort of meaningful interest in the Company or it s Shares until the Company Management shows some interest.