Tigray PPThere was absolutely no need for a PP at this time for Tigray at $1.05 They have money in the bank and I was told by Meg Brown that assasys for TIG could be recieved as easly as the end of this month. Why not wait until the results to do a PP? especially since the money is not needed at this time. IMHO it is pure and simple greed. As Ilafalot said it is within the rules of the VSE that allows such abuse of retail shareholders. If Bernie Madoff were aware of the VSE he probably would never have wasted his time with a ponzi scheme, he would have simply started a company on the VSE. You need money? give yourself options and do a private placement and give it to insiders and your friends.
The Ethipia property was brought in by the Chinese for which they were more than fairly compensated for by CANCAO and its shareholders, It was not some magic find by Andrew Lee Smith and his management team, so why are they rewarding themselves by diluting TIG shareholders?
This is why guys like Mallcop are upset, Management has done nothing to prove him wrong. Most posters on these boards get their income from one source. Check out how many companies some CAN management are involved in and how many sources they are being compensated from. Yet, where are the consistent flow of results we were promised? Maybe they are too busy with other projects? Not too busy to reward themselves though.
The Ethipia property is 70% Tigray and 30% Ezana. Well, TIG pays all costs up to a production decision, again costs that are born by TIG shareholders which are mostly CAN shareholders.
So what has management and insiders done to deserve such a rich payout at the expense of diltution to the rest of the shareholders. Find the Ethiopia property? No IMHO it was given to them by the Chinese. Pay for the property?
No, Canaco shareholders esentially paid for it. The rules need to change. ALL IMHO