FROM DUPONT:
Basically the following is what you should get out of the press release:
1. Stock is undervalued
2. Need to raise $10MM to bring company to the next level so the market will recognize the true value of the asset and the company
3. Will propose to raise $10MM from right offering – most equitable for existing shareholders to retain their position in the company – failing which corporation will use other finance methods
4. If we are successful in raising $10MM at current prices ($0.05)– there will be 500,000,000 shares – If we cannot raise the $10MM then then its time for consolidation.
5. With consolidation – we will consider name change
The rights offering favours the existing shareholders to retain their percentage position in the company. if you do not excise them, then you have the right to sell them on the market. Basically what we have done is to be transparent to the shareholders. You can vote for or against at the annual meeting. If you vote for then we move forward, if against then we maintain the status quo and do not go forward. Many companies are completing rollbacks and are not giving the existing shareholders the right to maintain their position in the company. Explor is giving you that option.
Best Regards
Chris
From: In XS
Sent: Tuesday, September 17, 2013 8:04 PM
To: BOA@broadoak.ca; Chris Dupont; Jonathan Challis; mario.colantonio@pes-inc.ca
Subject: Response Required
Dear Mr. Dupont and Fellow Board Members,
I have carefully read today's announcement and I would like to know who the "outside" consultant was that suggested the rights offering and roll back?
Why raise money in bad markets as opposed to waiting for the price of gold to hit record highs?
I have recommended that you hunker down and stop this addiction to drilling. The only one making money is your drilling company and it is not in shareholder interest. Why have you not considered this option?
I have left you a voice message.
Assuming I don't get a response by phone or email by 9:00 AM Sept. 18, 2013. I will be forced to liquidate my holdings at market price.
