Encore Renaissance Resources Corp V.EZ

RE: RE: PP

[dogger2]

"The company shall use the proceeds of the offering for general working capital." Just thinking that this was the phrase used in the Dec.31 ,09 NR anouncing the 5mil PP from the offshore corps at .20 cents .When the YE Oct 31 09 numbers were finally released we could see ( under 16. subsequent events ) that on Jan 7th 2010 the company paid $5,000,000 cash and issued 7,500,000shs on Feb 26 for a greater stake in the Bonaparte Property under an ammended agreement they entered into on Feb, 9 with BCT .

And further on the Q1 statements .

On January 4, 2010, the Company paid $5,000,000 cash to acquire the additional 15% interest of Bonaparte , this payment was held in trust for regulatory approval .

Whether or not EZ paid BCT 5mil on the 7th or 4th it's a safe bet they did not decide to give BCT the entire proceeds of the PP to BCT in the 4 or 7 days following Dec 31 . It must have been ear-marked .

Once that PP was completed it should have been cash in the bank for Encore and not held in trust pending regulatory approval for anything.

They left shareholders in the dark thinking they were all cashed up when every cent of the placement was long gone .

Perhaps the first inkling of what had happened was Vanhope's post April 8th or Thovarain 's on June 7th .Stinks IMHO.

https://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=EZ&t=list&m=28112964&l=0&pd=0&r=0

https://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=EZ&t=LIST&m=28308776&l=0&pd=1&r=0