AgriMinco Corp ETPHF

RE: Got their license renewed

[BlindBat_1]

Shouldn't this be good news...also 5m shares cancelled....
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Not realy good news in fact extremely perplexing.

The license they have obtain an extension for; is for the Danakil lot and only valid until August 2013. Said had expired on September 2012.

They still have not received (it seems) renewal for the Bada license which expired much earlier in December 2011. Bada Exploration License No. 0240- 0242/2001 , the exploration licenses are valid for three years, the Bada License was granted December 21, 2008.

One can't help but wonder if they have lost this license. Hence G&B in default towards EPC, but even more worrysome, George and Bruce ( G&B) are respectively the Chairman/CEO for George and a Director for Bruce of EPC (fed.v). As such we have a possible conflict of interest in my opinion.

Furthermore, the situation with the Bada license was identified in the MD&A of Q1, 2012 but yet swept under the carpet and never to be discussed once again in the subsequent MD&A (Q2 or Q3). Again leaving one to wonder about meeting the fair and true disclosure obligations of the Corporation and of its Board of Directors.
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As it pertains to the 5 millions shares, definetly NOT a positive outcome as said shares were part of a deal we made in July 2012, said were issued at 0.15¢ each to pay back a debt (shares for debt transaction), hence reduce our financial burden.

What this Board of Director has now done, is accept to reneg on the agreement , take back a portion of the shares at full issued price of 0.15¢, 5 months after the fact while the going share price is 0.05¢. Furthermore ; in doing so accept to increase the debt burden of the Corporation by $808 237.80. When we already are in a very precarious financial situation , on the edge of bankruptcy if we cannot raise money or sell the company.

Given that the share for debt transaction required TSXV approval back in July 2012, one would assume that to back track on it at such a favorable financial position for the Debt holder, would require TSXV approval.
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on July 13, 2012, the Company completed the shares for debt transactions after receiving the approval of the TSX-V. EPC issued 14,687,163 common shares at a deemed price of $0.15 per common share in settlement of outstanding debts in the aggregate amount of $2,203,075 owed to certain arms-length service providers. The common shares will be subject to a four month hold period expiring on November 14, 2012.
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I strongly suggest that people send their comments to the TSXv and ask that clarity be provided on the situation on the licenses , mainly Bada for now and furthermore question the legality of this 'interpretation' of a administrative error - which of course the Company is not identifying and is in my opinion, extremely questionable.

What error was commited and how did it take 5 months to find it, and suddenly we buy shares back at a previous price when the going price is 0.05¢, hence accept to take the loss on the value of such, in addition to increase our debt?


Nice of them to suggest that the Compnay will have 5 388 252 less shares floating, but at an increase debt burden of $808 237.80.

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Understand that the agreemnent between EPC and G&B ( the licenses owner) is valid if G&B holds title to the 2 licenses - Danakil and Bada, For close to 1 year now , we do not know if we still have the rights to mine and explore the Bada portion. Further understand that we already are in debt way over our head and now the Company has just accepted to take on more debt.


I stronly suggest and ask for your support in sending your questions and comments to the following people, asking them to review the situation(s) that I have identified herein. To help in their review and investigations, please also refer to the following News release.

https://www.marketwire.com/press-release/ethiopian-potash-corp-announces-renewal-of-danakil-license-tsx-venture-fed-1739538.htm

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