RE: Bonus Shares?Let me help you Understand Mr Birdfood. It is not too complicated. It will help a lot to spend 20 minutes browsing
www.noventa.net - and read past announcements. There are a few shocking discoveries you will find. URS Scott Wilson wrote the NI 43 101 report presented to the TSX to raise funding. See
www.noventa.net webpage. This report reitereated and assumes identical details of two previous SRK reports that seeded the initial three total failures of Marropino Mine. The under the geological section of that report the first thing mentioned is a 'possible NEW high grade discovery', which was announced prior to listing on TSX. there was no substance to that claim and it has since been completely disprooved. Now Noventa are left with the same resources that previously failed.
No need for accusations, just a few facts. Marropino has failed repeatedly, the previous operator failed, Noventa failed in ALL their promises to LSX-AIM hence the requirement to raise funds in Canada. Mr Kohn paid himself $100,000 bonus recently, plus $40,000 to P Lawless , who resigned after a few months in Maputo - for a 'family reason' that Noventa knew in detail before he accepted the appointment. By the historic burn rate as per their March 2011 quarter unaudited report they are likely to have no funds left on AIM today.
The TSX fund raiser was to fund plant expansion by Johannesburg based PPM Project
https://www.ppmprojects.co.za/project_listing_June_2011.xls -This PPM's FIRST COLTAN project and the mining and metallurgy is complicated (main reason for past failure). Amazingly Batemans's Engineering (a S African diamonds specialist built the first failure and PPM are another diamond specialist). No mention of PPM is made on the Noventa website or any mention of contract details.
Senhor Kohn is not the only board member to resign - when the plant expansion is complete (not when production target has been realized).
Daniel Cassiano-Silva said he would leave in November. Why would they resign if they believed the mine could possibly succeed in producing and being profitable? there are several exploitation properties that Noventa have bought into in Mozambique, this should be just the start!
You may want to hold for a few days if you bought into this over tha past week, but don't wait too long to sell out. This operation in the hands of the present Management cannot possibly succeed.