Board of Directors out of control, check Barrick Gold!!Troy Fierro:
2013:
The PDAC in March: his speech was excellent!!!!
Apr 1: the share price was about 0.48
Apr 30: the share price was about 0.30
May 31: The Management Discussion and Analysis (AGM) indicate that Troy Fierro is not the CEO anymore, but will remain as a director.
If this is the case, then discussions about Troy’s position with GCU must have started just after the PDAC.
May 31: the share price was about 0.29
~June 28: the share price was 0.23.
June 28 - Aug 1: the share price remained around 0.23.
July 17: Tony Fierro and Richard Moritz were let go.
Why did it take from May 31 (the date that the AGM mentioned that Troy would not be kept as the CEO of GCU, to a news release of July 17?
Aug 2: GCU announces a financing at 0.23.
Aug 8: GCU closes the financing.
Aug 13: GCU ‘arranges’ to open a secondary financing again.
Aug 19: GCU closes the secondary financing offer.
That’s it!! No other news from the new, highly regarded ‘management’ of Gold Canyon.
With all due respect, the price of gold on:
Apr 1: ~1600/oz
June 28: ~1400/oz
July 17: ~1300/oz
Aug 2: ~1300/oz
Aug 19: ~1375/oz
My interpretation of the last few months is that GCU was running out of cash, and therefore, had to raise money. The public coffers weren’t about to hand over big money at 0.48 on Apr 1. So when things got difficult financially for GCU, they decided on a ‘private placement’. However, the ‘private placees’ wanted a good deal too, so GCU drove the share price down to 0.23.
The resultant money would not pay for either Fierro or Moritz salary, so they were ‘let go’.
On a separate note, ‘insider’ trading has always been very helpful info, in helping us other investors, to gauge whether the insider money is still staying within a company!!
The following are Transaction dates:
Aug 8: Quentin Hennigh 100,000 warrants privately at 0.40.
Aug 9: Sheldon Inwentash 100,000 shares in the public market at 0.29
Aug 9: Troy Fierro 1.5M options expired
Aug 19: Pinetree 750,000 shares privately at 0.23
Aug 19: Pinetree 750,000 warrants privately at 0.40
Aug 19: Sheldon Inwentash 750,000 shares privately at 0.23
Aug 19: Sheldon Inwentash 750,000 warrants privately at 0.40
Aug 27: Pinetree 100,000 shares in the public market at 0.50
Aug 27: Sheldon Inwentash 100,000 shares in the public market at 0.50
On that note, we know that Sheldon and Pinetree were part of the private placement announced on Aug 2/2013. Good for them!!
However, as I recall, there were approx 12M shares total that were involved with this private placement. Who were the other ‘investors’? Is there not a time frame, when ‘insiders’ have to report???? Sheldon and Pinetree have reported, but what about the rest of the ‘gang’ with GCU. Is this another slip up on the part of the TMX Venture Exchange in not doing their bookkeeping properly??
It boggles my mind, as dedicated as Sheldon Inwentash and Pinetree has been to GCU over the years; that Sheldon and Pinetree wouldn’t by now, want to carry out a ‘Bill Ackman’ style refresher, for the Board of Directors of Gold Canyon ( a clean sweep!!!).
Boy, do we shareholders of GCU need ‘new blood’ on the BOD, not only to lead Gold Canyon, and but especially to manage the development of the Springpole gold project!!
Right now, there is nobody in management to do this. With all due respect, if Richard Hall was 20 years younger, he would be ideal!! A great board member, but he’s not in management.
In GCU’s annual report:
Management income of $55,737 (2012 - $47,668) relates to management fees charged, through its wholly owned subsidiary, Kratz Spring LLC and SSE, to JOGMEC to manage the Mulanje REE and Mangochi REE Projects pursuant to the terms of the JEA. The management fees are based on a percentage of the expenditures incurred on the projects.
Excuse me, but if nothing happens with the REE project/negotiations on the sale, we’re still on the hook for??? What are you managing????? Remember the name Kratz Spring LLC everybody!!
Sheldon, phone Bill Ackman, and let’s get this nonsense over with!!
What do you think scoutaz, schill, GOG, Geospot (Aug 9)??
I noticed that there have been a few new names on this site, not that they have contributed anything??
Schill, GOG and Geospot used to be major contributors to the GCU board. Have they all died, or do they now use these other ‘new’ names??