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Sunday, October 08, 2017 12:12:16 PM
Certainly, the fact that years after the Shining Tree private placement where money was brought in the company under Keevil and Currah didn't consider there to be more than 100 shares of Shining Tree on the company financials raises evidence that there were no shares issued that those private placements were securities fraud? More on this will be learned in discovery during the trial.
However, in both cases, the parent corporation only has as much control as their share ownership or control agreements in the subsidiary allow.
The private placement you pointed out was not the Shining Tree private placement but a Sarissa private placement in 2014. The ShiningTree private placement my friend participated was in 2011 was a subscription of Shining Tree Resources Corp shares directly not Sarissa shares. There was a publically announced Shining Tree Private placement in 2012 as well.
http://www.marketwired.com/press-release/shining-tree-resources-announces-private-placement-pinksheets-srsr-1646742.htm
A subsidiary can't offer a private placement in the parent company shares. They are not interchangeable although may have been considered so here by past management.
Sarissa would have to have a private placement which it did many times. Sarissa's board would then have to have a resolution agreeing to lend the subsidiary cash that came from the proceeds of the private placement with terms of the loan. In this case that isn't what happened my friend and others subscribed to purchase Shining Tree shares.
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