Tuesday, March 15, 2011 6:04:40 PM
I see there are only 79,433,932 shares out that are not held by affiliates; and 87,067,217 shares out, counting those held by affiliates. So Affiliates, ie subsidiaries and connected companies own 7,633,285.
Also, Baines original 25,000,000 shares, representing almost 30% of all the stock, is in escrow in Canada, and cannot be sold by anyone. That stock is going to be cancelled.
79,433,932 - 25,000,000 = 54,433,932 Outstanding (and not owned by affiliated companies)
Of the 54 MM shares, 7.5 MM shares are held by officers and directors, 2.6 MM are held as restricted stock by ERT and Cousins, and about 19 MM were issued to (and some or all still may be held by) "consultants", leaving only about 23.5 MM shares in public hands (plus any sold by consultants).
It is my understanding that Hainey is the main consultant and has the most to gain or lose from this company's success. It is likely that he will trying to move the stock back up over $1/share and those that hold stock can ride his coat tails if he is successful!!
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