7936567 Canada Inc SWYDF

RE:Shareholder Value History & Forecast

[mjl777]

I would point to a couple of things. First, the leadership group at Stornoway failed to recognize that the strategy that was being championed as the optimal approach for Renard (& Stornoway) was ex. high risk (and BTW, IT STILL IS TODAY) and not even REMOTELY aligned with market conditions (Kaiser hit the nail on the head - Renard is an exercise in Quebec patriotism). In addition, they were unable to perform a simple risk assessment when these decisions were made. Anyone following this company knows that a conservative approach for developing Renard was warranted (just look at the value of MPV!). Instead, what we ended up with is the exact opposite strategy. First, a high risk strategy followed by unnecessary dilution and asset conveyance destroying value, followed by a low risk financing deal - the key feature of which is excessive dilution. BTW, if the price of the public offering ends up being set at $2.00 or more per share, I will take it all back. Until they deliver, it is open season and a lot of valid criticism can be leveled at this company. JMHO.