RE:Somebody thinks there is potential here Have you really read that news release. Two of NGE insiders are also in that private company that NGE is dealing with. Is this not almost like buying more shares in NGE. I think that shows faith in what they are doing. What is other peoples' opinions on that? Good or bad.
Austin Gold Corp.
Austin is a privately-held, British Columbia incorporated exploration company led by Executive Chairman Joe Ovsenek, and is focused on gold exploration in Nevada. Mr. Ovsenek is the former CEO of Pretium Resources Inc., where he led the advance of the high-grade gold Brucejack mine, which has been operating profitably since commercial start-up in 2017.
Two of Austin’s directors and officers are non arm’s length to NGE. Austin’s President and Director, Dennis Higgs, is Chairman and Director of NGE, and an insider by virtue of his +10% shareholdings. Austin’s Corporate Secretary and Director, Darcy Higgs, is an insider of NGE by virtue of his +10% shareholdings. As a result of Dennis Higgs’s and Darcy Higgs’s relationships with NGE, both the earn-in and joint venture agreement and the private placement contemplated under the LOI with Austin would constitute related party transactions, though are exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions as NGE’s securities are not listed on any stock exchange identified in Section 5.5(b) thereof, and as the fair market value of the contemplated transactions does not exceed the 25% of NGE’s market capitalization threshold, as per Section 5.5(a) and Section 5.7(a) thereof.