RE: Tickle please clarifyCupricity...you better dig a little deeper and try to figure out how much iof URSA shareholders money was lost on that deal. Then you might think that sharing URSA assets...like the office and such...is such a good idea for URSA shareholders. IMHO, if you give RS an inch.....well why not take a mile...
Richmont Mines Inc. (
RIC) shares were down C
.03 to C$1.82 on Tuesday afternoon, after the company agreed to buy Patricia Mining Corp. (
PTMHF.PK) in a cash and stock deal worth approximately C
.26 per share.
.26 cents was all URSA shareholders got for each Pat share.
The miraculous five got ":In consideration for the common shares of Patricia, URSA Major issued an aggregate of 6,206,804 common shares from treasury to the five vendors. The purchase price of
.41 per Patricia common share was the average trading price of the Patricia common shares for the 20 day period immediately preceding August 8, 2008, the date of letter agreements, plus a 15% premium." (It pays to be an RS buddie and this diluted the float by about 20%)
Before that, RS buys us shareholders the whole Patricia rights offering....when not one insider of Patricia...not even himself... bought even one share of the rights offering. Again, the URSA shareholder lost out "
Patricia Mining Corp. ("Patricia") (TSXV - ?PAT?) ispleased to announce that it has completed the rights offering announcedon November 20, 2007. The offering was oversubscribed and raised themaximum gross proceeds of CDN$1,858,867 through the issuance of3,574,745 units at CDN
.52 per unit.
I figure the actions of RS costed the URSA shareholders upwards to 500,000 to 800,000 dollars when the money would have been best invested in URSA than in a mine that was going down the tubes.
But what am I telling you for. Just watch history repeat itself and I don't blame RS one bit. That is why he is such a great cEO...for any one other than URSA shareholders IMHO.
And BTW...congrats on owning a company with a 10 cent share value helping to support an up and coming company.....Lewts see where this one takes us...LOLs.