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49 North Resources Inc V.FNR

Alternate Symbol(s):  FNINF

49 North Resources Inc. is a resource investment, financial, and managerial advisory company. The Company’s principal businesses include investing in a diversified portfolio of common shares and other securities of resource issuers including, without limitation, resource issuers engaged in mineral or oil and gas exploration and development, with a view to achieving capital appreciation of the portfolio. It invests in all sectors of mineral exploration as well as oil and gas exploration and production around the globe. The Company’s portfolio is comprised of investments that are predominantly Saskatchewan focused on private and public resource issues at various stages of development. Individual projects range from grass roots exploration to near feasibility in the minerals sector and early-stage production of hydrocarbons.


TSXV:FNR - Post by User

Bullboard Posts
Post by currency24on May 01, 2013 9:11am
214 Views
Post# 21327286

2012 FNR Financials Not Good &?????????

2012 FNR Financials Not Good &?????????

As suspected and noted by Buybelow, 2012 results came out in the middle of the night, just in time to meet the dead line. Lots of Concerns and Lots of Questions??? Quick Read, in my humble opinion as an investor, NOT GOOD and Many Questions????

First - Auditor's Comments Emphasis of Matter - on Going Concern and Debentures? ITS A MUST READ. Also, it is interesting to note FNR switch Auditors from 2011 to 2012, which is noted by the Auditor's comments.

Second - All the talk about cutting expenses and payroll? The following is of extreme interest.

TMM Portfolio MGMT ( otherwise Tom MacNeill) for his Great??? Service and MGMT got paid over $1,000,000 in 2012

The we have reference to Alberta 1381613 - which is owned by the CEO??? Tom MacNeill. They received $147,000.

Payroll and benefits jumped from $2.4 mil to $3 Million ( rounded) in 2012? All that overpaid and bloated staff? in my humble opinion.

Payment for Geological and Consulting Services Jumped  from$4 Mil to $15 Million ( rounded) - no breakdown - Who got paid? and any conflict or direct relationship??? 

Directors - Steve Halabura - is a Director of FNR and also has interests and is a Director of GenSource Capital ( formerly Nexxt Potash) they received consulting Fees.

Concept Forage - another Director did not see a name has a interest in - received Fees??

Directors - received Fees/Payments?? for what?? and Why??? not including their stock/options.

In my humble opinion this Stock should go to ZERO QUICKLY - then to NO BID - or as Buybelow says/noted perhaps Halted. 

Go to Sedar and read the filings and reports. Not once or twice but more. Makes me seeeee REEEED.

All the above in my humble opinion as a Investor and the Public. PS - Tom and Andrew please feel free to correct me on any misinterpertations or misreadings of your Financial Reports.

Bullboard Posts