RE: RE: RE: Just a thought When referring to the financing that nearly crippeled Aun at the time and Lenic ring instrumental - he was only in the board at that time
Booth was president - and the picture presented to the board for 50%
silver production was a very different picture at that time - LN was primary views as a base metal producer and that is where the majority of revenue came from, silver was under 15/oz, Rosario was to come online shortly and the famous financing would be non dilutive and pre arranged with Slw within 60 days of presenting the pre-feasibility
To me in 2008 it seemed like a descent deal with a second mine about to come online , plans for expansion and shafter for 2009 production
Later that year that plan was reiterated directly to me face to face at metals conference
The mess was created when metal prices collapsed at the end of that year, delays bringing Rosario online and showing the market the addition financing with Slw was money in the bank to develop shafter
Missing the mark on all fronts I'm sure that's why previous President ousted
Lenic brought in as president 2009 to try and prevent bankruptcy and destruction of 100% shareholder equity- of which he had substantial holding at that time
Whil I, you and many others on the board may not completely agree with all actions that had to be taken to get to where we are - he did not have a clean slate to start with and we all had to atone for the sins to the past in order to move ahead
Options at .10 in the .20s and , 30 should not be of major concern at this point from when they were issued - there was still considerably more downside present at the time the market was valuing the shares in that range anyways
Lenic has ultimately delivered whether on time or not in one fashion or another since taking control - things can always change behind the scene in an ever changing business environment - I still believe we have a winner under his control and some patience might be need during th final leg
There are more positive and interesting development that could be discussed at this point in their development than complaining about executive pay - especially towards the person that kept us out of the abyss.
Jw
Once again sorry for any odd words / spelling errors in post - I'm away from computer till next week and if any further contribution down the road it should not be an issue.