RE: RE: RE: 2 New Directors AppointedAfter being a longtime shareholder of EXMIN, and having spoken to the principals a number of times over the last 2 years, the last being the PDAD in March, I thing that it is necessary to take a step back and look at a few facts, regareless on the recent bashing.
Most people are pointing out the facts and in this case many of the facts are negative. People have the right to question management when their investment has evaporated. My experience in talking with the principals has been detrimental to my investment decisions.
First, it is necessary to understand that the entire junior exploration industry is in a huge decline, with very few winners lately. This is not meant to support management, it is just the truth, that I think most of you would agree with when looking at portfolios.
When I bought EXM I was told Exmin was a PRODUCER.... Check out Exmin's advertisement at Coach's site here, https://www.mexicomike.ca/php/phpBB2/index.php EXM is still advertising having an "Operating Gold Mine". They did the same at PDAC. Talk about a line of crap when they never gained any benefit from that mine and then sold it!
Second, the recent posts with respect to a severence are made by posters riduculously out of date, the agreement with respect to severences was made in 1997 and not voted on recently as presented, and was probabyly brought about as part of the shareholders' right plan to protect the company from a hostile takeover in those times, a plan that was put into place about the same time.
I don't know anything about this and have never commented on it. However, I would put my money on it being put into place to cover their azzes if they failed to make a go of the company.
IMHO, what a way to consider your management, without looking at the facts. A true bunch of true losers on this board.
I am questioning the way you look at the facts? I have looked at the facts many times and what I see is not pretty. Also, most everyone on this board is loser because they lost money on EXM. I got sucked in hook line and sinker with the crap I was fed.
Third, yes the company thought it would get much more out of the Moris mine.
They "thought"? Why didn't management cut a more bullet proof deal? How did management get themselves into a situation where they were taken advantage of? The fact is EXM cut a deal where their part of a producing mine was basically given away. As a result shareholders are paying the price of a botched deal that has led to a dramatic drop in the share price. If EXM was making money from the Moris mine then they would not be in the situation they're in today. Again, how did that happen? One only needs to look at management because they make the deals.
But when presented with a very negative situation, and an intransigent partner, I think they did the right thing in selling.
Selling wasn't the "right" thing to do it was the only option left or bankruptcy. Again, how did management get thenselves into that situation? Didn't they do their homework on Hochschild?
In the end, EXMIN only put up about 1M in cash to fund the mine, Hochschild put up the rest in shares at about 0.40 cents, a real loser and not really understandable on their part as they allowed the company to fall when they could have aided in support.
When you are doing business with sharks you had better not send out a duck to negotiate. Hochschild took advantage of the situation because they could. As a result Hochschild shareholders are reaping the benefit of EXM shareholder's loss.
In all, I would think that management would never have prudently considered this outcome.
You are absolutely correct with this statement. Management was not prudent at all. Here is a dictionary definition of prudent and EXM management did not exercise any of it.
1. Wise in handling practical matters; exercising good judgment or common sense.
2. Careful in regard to one's own interests; provident.
3. Careful about one's conduct; circumspect.
As a result of this EXM shareholders are left with a 2 cent share price and Hochschild has 100% of a producing mine.
1.5M is a lot better than shutting down, all things considered and allowing the biased opinion of K Duggin.
One and half million bucks is squat and everyone is allowed their opinion. I find it interesting to listen to the opinion of someone who worked at Exmin. If what he says is true then a lot of what I know makes sense.
Fourth, I think that everyone who has posted recently has forgotten that the founder of the company are the ones being vilified, and one poster even stated that they have probably put nothing into the company, although they bankrolled the company at the start and the principals took no salary for many months, at their peronal loss, so that the company could continue until the mine was sold, without a single word of thanks from shareholders.
As an investor I don't have anything to be happy or thankful about. My investment is down the toilet and I believe it was because of lousy management.
In the end, I hope all of the whiners will get out of the company before the long awaited upturn in junior explorers occurs, something that all of us believe will happen, and that will aid the many junior companies that are in dire straits today.
In the end I hope that all morons like you will understand that EXM was touted as a producer and not exclusivelly an explorer. I would never have put money into this company had I known that they were not benefitting from a producing mine. People who invest in companies have a right to post their opinions when management fails to deliver on their promises.