If you can disentangle the double speak in this sententious nothing burger of a CL, the section about any bullshit dividend from an in substance insolvent company, was effectively put to death or at best, indefinite hold. And FWIW, this company does 13 years of doing nothing like standing on their heads.
8. TREATMENT OF OUR INTERESTS IN MINING EXPLORATION PROPERTIES:-
As previously discussed over many months, your Directors are acutely aware that our
shareholders would prefer (and if I may say, pretty much demand) to see a sale of all our
Mining Exploration interests and the payment of an Extraordinary Dividend. We wish to
stress that we assume this is true, solely based upon numerous shareholder communications
and their extensive commentary on various internet stock forums. Obviously short of
calling an Extraordinary General Meeting and putting this issue to a vote; we cannot be
absolutely sure of our assumptions.
If this exercise is going to be undertaken, the Directors believe that it would be more
prudent to invest funds and time into improving and where applicable, increasing the claim
blocks; resulting in these properties being more valuable. Again, we are of the opinion that
our shareholders are not interested in our doing so.
Insofar as the Dividend process is concerned, your Directors have familiarized themselves
with the process as this was “top of our agenda” in August of last year.
Now in order to undertake this exercise, two items need to happen; and as follows:-
Your Directors will need to “strike an amicable and sensible” deal with the holders of
certain Classes of our Convertible Preferred Stock given that these certain classes are
effectively secured by some of these Exploration interests. Secondly, this would amount to
a Corporate Action, meaning that a Dividend Declaration, Record Date and the Pay Date
would require the prior approval of FINRA.
Your Directors wish to point out that a disposal of these assets would render our Company
as a “Shell”; that is not in the best interests of our shareholders. Hence our acquisition
policy which I address further on in my letter. A real win for all of us would be a disposal,
dividends but our still having a revenue producing and profitable Company continuing to
do business; and successfully.
Your Directors will be dealing with these various issues and to their utmost to secure a
“win-win” deal for our shareholders and for those aforementioned secured Convertible
Preferred Stockholders.
At this point, your Directors are very bullish on the outlook for both Gold and Silver prices;
if we are correct in our assumptions, this bodes very well for your Company
