complaint to IIROCDear Madam, Sir
I am a shareholder of Ecometals (TSX:EC). Yesterday EC published a press release on the selling of their 44% stake in Atomaer:
Atomaer is a non-reporting private company. Atomaer's main assets are substantial numbers of shares in Braemore Resources, Mintails Mining and Brinkley Mining.
As of today 12 May Atomaer's stake in Braemore is worth approximately 28 million CAD based on 255 million shares at 0.07 Euro.
In addition Atomaer is entitled to an additional 306 million Braemore shares upon certain production milestones.
Theoretically this equates to an underlying value of at least 50 million edit:CAD before any other holdings.
Ecometals said in the PR they engaged in the selling to a third arm's-length party on 4 April. Given the substantial value of the 44% Atomaer stake (due to the underlying shareholdings) and the low market capitalisation of Ecometals, I would assume that a selling of the 44% stake should be subject to shareholder approval, especially as they have sold out the asset for only 1,7 million USD.
Ecometals is not willing to provide any background information on the alleged financing requests from Atomaer.
I wish to complain against this untransparent way of dealing with substantial assets of the company.
I act as a private shareholder and not on behalf of anybody else, esp./ not my employing organisation. I include the details for contact purposes only.
Kind Regards,