RE:RE:RE:More insider sellingHere is an e-mail I recieved from Graham when questioning his share sales, hope this provides some clarity ....
Dear David,
First and foremost, rest assured that there is no undisclosed information that needs to be made public, if that were the case we would be under a blackout period and all insiders banned from trading in the Corporation’s stock. Note that actually the Company and its insiders have been in an almost continuous state of blackout periods due to the continuous news flow this year, culminating in securing the project financing that was announced earlier this month, and the news has had a positive impact on the share price this year. Thus it is understandable that after the prolonged blackout period was lifted and the considerable improvement in the share price there has been some trading by insiders.
It is also important to note that many of the directors especially and including Robin Birchall took a large amount of their pay in 2013 and 2014 in shares due to the constrained cash resources of the Company and it is understandable that they have sought to monetize those as the share price has achieved a healthy level. For myself, I have worked very hard and continue to do so to ensure that we meet our targets on silver commissioning late this year, to do so I have relocated to Moscow and spend a great deal of my time at site in Far East Russia – away from my family - and my options are part of my compensation package, a small portion of which I am exercising – as you can see from my SEDI Insider report. I believe that it is only fair that there is some reward, as intended, for my efforts.
With regards to the increased volumes it is good to see the Company’s liquidity increase it is a sign of a healthy market – yes I suspect that there has been some profit taking from shareholders, considering that in December 2015 the Company’ share price was way below C$0.05/share.
I expect to have a further update on the project construction during this quarter and I hope to have news on a revised mine plan. As well, I would like to bring your attention to the upcoming shareholders meeting Friday, September 2, 2016 to approve the Secured Loan Funding for the Mangazeisky project, I hope I can count on you to vote your proxy in favour of the financing. Achieving the full financing of the project is another major milestone leading to the project completion and this continues the trail of good news for Silver Bear this year and it is a further indication of the full commitment and belief in the Project of the management, directors and major shareholders as well as many new shareholders who have taken a real interest in us.
Finally, all management, major shareholders and directors of the Company still strongly back the company and expect significant share price performance as we transition towards production and risk is decreased.
Sincerely, Graham Hill