1) add up original costs
2) throw in cost of surveys + exploration + management wages
3) throw in years of waiting for shareholders
4) didn't even break even
= Who gained the most ?
= Management + thier Wages
= They gave away thier 2 Hombre projects...
= $100/k CASH + 650/K SH @ $.26/CENTS...AUD ( $169/K AUD )
= #269/K
How FKG stupid...to not/even grab royalty % rights.
I am now convinced POR can't run a business.
HOMBRE AGREEMEMT ( FORMER ) To maintain its option, Portofino has agreed to pay the vendor (over a four-year period)- US$400,000 and issue 1,000,000 shares as follows:
| | a) | An initial US$15,000 deposit (paid) |
| | b) | Within 30 days of execution of a definitive agreement-pay US$7,000 |
| | c) | Upon TSX-V Exchange approval- issue 100,000 shares |
| | d) | By the first anniversary of TSX-V Exchange approval- issue 200,000 shares and pay US$14,000, |
| | e) | By the 2nd anniversary of approval- issue 200,000 shares and pay US$44,000, |
| | f) | By the 3rd anniversary- issue 500,000 shares and pay US$100,000, |
| | g) | By the 4th anniversary- pay US$220,000. |