NGD managment = Brain Dead IDIOTS
In Feb 2006 this company sold shares in a PP @ $9.00 per share with 1/2 warrant for $12.00 exercisable for 2 years until Feb. 2008.
This financing was announced before feasibility study completion and its’ announcement.
This BRAIN DEAD management team then announce the results of the feasibility study.
The trading price of NGD shares decline to $7.50 area from the lack luster study and severe lack of promotion.
The BRAIN DEAD IDIOTS then announce a PP Financing @ $7.50 to put the mine into production w/ debentures @ 5% and 10% for 5 & 10 years w/warrants @ $17.00 per share after the feasibility study was announced.
Then Paul Martin and Chris Bradbrook decide that they will invest $158.5 Million of this shareholder financed funds in acid backed paper sold to them by the company’s Bank HSBC.
All of this was done w/out a Board Meeting or approval of the Board of Directors, Audit committee, or shareholders.
Seven months pass by with not a word on what these IDIOTS are doing to recover the funds they wrongly invested or any update on the mine development.
Now today this announcement comes from these IDIOTS:
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New Gold $12 warrants expire on Feb. 28
2008-02-14 19:53 ET - Warrants Expire
TSX bulletin 2008-0185
The common share purchase warrants expire at 4:30 p.m. (Vancouver time) on Feb. 28, 2008, and will be delisted at the close that day. Each warrant entitles the holder to purchase one common share at a price of $12.
Trade dates Settlement dates
Feb. 25, 2008 Feb. 27, 2008
Feb. 26, 2008, and Feb. 27, 2008 Cash next day
Feb. 28, 2008 Cash same day
1. All trades on Feb. 25, 2008, will be for special settlement on Feb. 27, 2008. These trades will appear on the settlement report with a settlement date of Feb. 27, 2008.
2. All trades on Feb. 26, 2008, and Feb. 27, 2008, will trade for cash settlement the following business day. All trades on Feb. 28, 2008, to noon (Toronto time) will be for cash same-day settlement.
3. Selling participating organizations must have in their possession the warrants that are being sold or such warrants must be owed to them through clearing, prior to such sale.
Should fail positions exist on the expiry date, purchasing participating organizations have the option of paying for the warrants purchased and demanding delivery of the value into which the warrants are exercisable. Reference should be made to Rule 5-303. Such demand shall be made before 4 p.m. (Toronto time) on the expiry date of Feb. 28, 2008.
Investors should contact their broker for information or advice on their investment.
Participating organizations should ensure that their trading and operations staff are made aware of the above rules and procedures.
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No provisions for extending the $12.00 warrants or repricing them, just let them expire!!!!
A reasonable thinking BOARD of Directors would have adjusted the warrant strike price & extended the expiry date to keep the buyers in the game and have an opportunity to replenish the lost ABP investment funds.
I have some serious concerns regarding these idiots.
Bradbrook should have taken the rest of the board with him when he left, the shareholders would be better served by the appointment of some of the crack heads from east Hastings Street in Vancouver rather than the BAY STREET ACOHOLICS we currently have.
This company should be a lesson in how to fugg up an excellent ore body, by adding toxic management.
The best thing that can happen to this company?
An operating mining company with underground block caving experience should offer a stock swap for control and get rid of these leaches we have had preying on the shareholders for the last 3 years.
By the way Artumus Jones, Frank Holmes is purported to be the buyer of the cross yesterday.
Good luck bt.