Danny Screws Up AgainI guess Danny will be pi**ed at his slime bag lawyer James Boyle for not knowing Canadian Securities law 101: QSC requires docs in French if you have a bunch of Que shareholders. Don't worry danny. It's just a minor delay and a big bil, but you guys will be right back on your horse in a week or so (assuming you can keep finding suckers to work for free and support your worthless stock).
Visible Gold applies for CTO to block Zara offer 2013-09-06 09:48 ET - News Release
Mr. Martin Dallaire reports
VISIBLE GOLD MINES SEEKS CEASE-TRADE ORDER AGAINST UNSOLICITED OFFER BY ZARA RESOURCES
Visible Gold Mines Inc. has filed an application with the Quebec Bureau de decision et de revision seeking a cease-trade order and other sanctions against the unsolicited offer by Zara Resources Inc. to purchase 100 per cent of the outstanding shares of Visible Gold Mines in exchange for shares of Zara Resources. If a cease-trade order is issued by the Quebec Bureau de decision et de revision, Zara Resources would not be permitted to issue shares to Visible Gold Mines shareholders in Quebec in payment for their shares.
The application by Visible Gold Mines is based on major irregularities and deficiencies in the unsolicited offer by Zara Resources. In particular, Visible Gold Mines has noted the absence of a French version of Zara Resources' takeover bid circular, which violates a fundamental rule of Quebec securities law and makes the offer illegal. Visible Gold Mines has also noted the sale by Danny Wettreich, chief executive officer and principal shareholder of Zara Resources, of almost two million Visible Gold Mines shares on Aug. 19, 2013, the day on which Zara Resources first announced its offer. Visible Gold Mines considers the sale to be in direct contravention of applicable securities laws.
The application by Visible Gold Mines also invokes the failure by Zara Resources to adequately disclose in its takeover bid circular that Zara's offer to acquire 100 per cent of the outstanding shares of Visible Gold Mines is independent of the simultaneous offers made by Zara Resources for 100 per cent of the shares of two unrelated mining exploration companies and is not conditional upon the success of the two other offers.
Visible Gold Mines has requested a hearing before the Quebec Bureau de decision et de revision to consider its application and will update its shareholders on a timely basis with respect to developments.
Visible Gold Mines recommends that shareholders defer taking any action in respect of the unsolicited offer by Zara Resources until shareholders have received further communication from the board of directors of Visible Gold Mines. As the offer by Zara Resources is open for acceptance until Oct. 28, 2013, there is no need for Visible Gold Mines shareholders to take any steps in respect of the offer by Zara