Crest Resources Inc C.CRES

Fun exercise on self dealing

[magnuswave]

Amazing that Emma has no problem giving herself a valuation of over 10 mln on a property controlled by her (or perhaps hubby). Crest valued at under 5 mln or well below nav primarily on the back of management destroying shareholder value and diluting shareholders further with undeserved options and outrageous valuations on self dealing projects Crest is financing. Crest also owns a gaming company (great mining fit)controlled by Emma( have not found what we gave her in terms of crest shares on this one yet)  Buyer beware and regulators need to wake up here before crest dilutes to one single shareholder at the expense of true beneficial shareholders.  Shares of remaining assets should be divested in kind to shareholders before more damage is done.  This will not stop until regulators step in.

Leigh Creek Acquisition Terms are as Follows:

• Crest is required to pay to the vendor (a related party controlled by Emma Fairhurst) the sum of C$1,000,000 upon the execution of a Letter of Intent. This amount is 50% refundable in the event the Parties fail to execute legally binding documentation (a Definitive Agreement”) within a period of 60-days from receipt of shareholder approval.

   

• Crest will, subject to shareholder approval and upon execution of a Definitive Agreement, issue to the vendor 20 million shares in Crest from treasury for a total consideration (cash and shares) of C$2,000,000 at a current Crest share price of $0.05;

   

• Crest will make a one-time payment to the vendor of C$7,500,000 contingent upon The Leigh Creek Project receiving a Positive Feasibility Study. 

   

• The Vendor will be granted a net-smelter-royalty (“NSR”) of up to 2% such that the overall percentage of this NSR, and any potential pre-existing NSR, totals a maximum of 3%.
  
  playground ventures
  Prior to the completion of the Acquisition, Ms. Emma Fairhurst, beneficially owned and controlled, directly or indirectly, 23,975,000 Common Shares, 6,025,000 Warrants and 200,000 Options representing 38.20% on an undiluted basis and 43.70% on a partially diluted basis. Following the completion of the Acquisition, Ms. Fairhurst beneficially owns and controls, directly or indirectly, an aggregate of 28,845,000 Common Shares, 6,025,000 Warrants and 750,000 Options, representing approximately 45.96% of the Company's issued and outstanding Common Shares on an undiluted basis and 51.22% of the Company's issued and outstanding on a partially diluted basis.