My letter of concern to Robert BaldockDear Robert Baldock ,
I am concerned about the misinformation and lack of information Yukon Nevada Gold Corp. has provided it’s shareholders about the present situation with Tagish Lake Gold Corp. I am an owner of Yukon-Nevada Gold, Tagish Lake, and YS Mining Company and question why you chose not to be transparent when assets we own 42% percent received a friendly takeover bid? I am even more disturbed about Tagish Lake Board of directors actions from Shareholder Rights Plan and Option Granting because it speaks volumes about YNG idea of independent is my idea of incestuous.
Although I found it down right hilarious when New Pacific Metals informed me about your relationship problems aka unwarranted attack of directors I see a pattern that has many red flags that are not in the best interest of YNG shareholders. Since I own a business I wish to draw comparisons using it.
1. CHF Investor Relations - I count 18 Press Releases that never were sent to YNG about Tagish. When 2 out of 20 releases make it to shareholders it is time to change PR firms.
2. Fiscal Controls - Tagish sought creditor protect 10 days after completing an private placement which I am fairly certain we contributed to at some level. What is our cost of this +$700 000 or do not I dare ask.
3. Board of Directors controls- Would hate to spur the “unwarranted attack” but even I who own none public traded companies they all have different directors. Why? For protection from unwarranted attacks of collusion.
4. Culture & Leadership- Robert Baldock my company is in fashion aboriginal fashion. Fashion is catty and work ethic fickle. I see the huge the dynamics of this company changes since you were given this mission. I actual think your company is harder to lead. I have partnerships with tribal councils which I know Sprott is hitting the learning curve is this company a culture need respect or a culture needing leadership?
5. Insolvent- I have a few retailers that are insolvent that owe me money. I would never offer them money to get what is rightful mine why are you?
6. Direction - Why does this direction change weekly? YSM regrets being placed in the position of having to take the initiative in protecting its own interests and the interests of all the other shareholders of Tagish Lake, but in the absence of any action by the Special Committee of Tagish Lake and its advisors, it feels it has no alternative. How did we then go to Largest single shareholder of Tagish Lake Gold Corp. urges shareholders to not tender to unsolicited offer now to MOU?
The facts are simple we have 5 choices
1. Vote Yes to New Pacific Offer and give YNG their .3-.4 share
2. Vote yes to New Pacific offer and keep the money via fees and build out a new shell that pull huge manager fees
3. Stall - so that their offer is nil and void
4. Stall - and hope for a huge double dip which has New Pacific pulling the offer off the table
5. Court - Take what is rightful ours in a court of law
Yukon-Nevada Gold Corp. 42% joint venture partner in YS Mining
YS Mining Company Inc. is Tagish’s largest general secured creditor.
YS Mining holds a security interest in all of the Company's present and after acquired personal property
YS Mining holds all of the Company's present and future Mineral Rights (as defined in the Macquarie GSA) YS Mining holds all mineral projects comprised in the Project (as defined in the Macquarie GSA).
6. Vote No to the offer and make money on the market and get the assets in court
7. MOU- spend money on something that we own?
I struggle finding support for your idea of a MOU.
I struggle with a new shell as shells make money for insiders and first in line just look how well it has worked for Aberdeen and Endeavour shareholders.
I struggle understanding why a new management team needs to take care of two properties that were trading under .01 and .10 cent. Why dilute and give huge salaries with huge stock options unless your interest is not in the best interest of all your shareholders
I will struggle if you use Chinese as a carrot. I lived in Asia for 3 years specifically Japan but we had offices in China. Personally and professionally I been in and out of China 28 times. They are loyal partners and have century plans not weekly change plans like YNG has been giving. I am sure they are more concerned about your business character than I am so please do not use them as an excuse use them as a partner. Consolidate Tagish with YNG with NWM retaining shares in kind to YNG.
I have no concern with NWM dilution as they are much more long term thinking.
In closing I thank you for your time and energy