Otso Gold Corp. V.OTSO

Have Brian and Clyde Wesson added shareholder value?

[basbot]

See Brian Wesson's comment below.

As a shareholder of Otso, the only thing the Wesson's have done is destroy the share price in a gold market that is on fire, enriched themselves by taking $97,000/month between father and son, papered themselves with 26,000,000 shares and over 6,000,000 warrants and delayed filing their financial statements (April 30,2020), so they can keep kicking the can down the road.

The Wesson's are now disputing a Services Agreement for the previous management which was approved and tabled at their shareholders meeting.

Furthermore, the Wesson's have continually slagged previous management in all their press lreleases and what have they acheived, other than to enrich themselves at shareholders expense.


Brian Wesson, who founded the Wesson group of companies that includes Lionsbridge and Westech, said: "We look forward to working with the company to unlock shareholder value by returning the company to sustainable production. [The] new directors will update shareholders on the path forward immediately after the completion of the transition period."

[rborhi]

So far I agree they haven't added value.  They would have to be major screw ups if they can't make this mine work in this gold environment.

[GoldenEra]

This post has been removed in accordance with Community Policy

[Oenophile]

Old guard blew it, however this group may only create value for themselves.

[Dummoney]

luckily the bar is low.. and otso comes with lots of value

[Oenophile]

Question is whether that value can be realized. After looking at their past projects I'm not so sure.

[5ilverlining808]

This is how they work: - Find a struggling or dead mine. - Create interest and bring the mines back to a "maybe" better state that is was in. - Become CEO (money..money in pockets). - Bring mine to some sort of acceptable state on paper or what ever where it can be sold to others in the future. - Bail out or be ousted to sell and move on to another close to dead project. The only mine

[Oenophile]

Hopefully they can obtain favourable debt and/or offtake. Project itself is fine, too bad their ore isn't amenable to sorting, would have significantly improved head grade.

[Dummoney]

I'm hoping debt..production would extinguish debt in no time..offyakes are forever. If we hear rumours of Sandstorm or Metalla snooping around .. then they went for the easy off take deal

[Oenophile]

Hopefully. The equity financing with Alumina is awful, hopefully they don't draw down too much more going forward.

[GoldenEra]

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[Oenophile]

His compensation is exorbitant, but is unrelated to the facility being awful. Old management was incompetent, they aren't coming back. When have you ever seen that happen? LOL. You're a goof.

[calvin98]

I don't see why shareholders are upset at Brian's compensation, it's the partners money

[GoldenEra]

This post has been removed in accordance with Community Policy

[Oenophile]

Ah..I get it, you're an old bag holder.