OTCQX:SREMF - Post by User
Comment by
Oregonduckon Feb 12, 2015 1:39pm
111 Views
Post# 23422917
RE:RE:RE:Nixonian is this legal.
RE:RE:RE:Nixonian is this legal.nookiewookie wrote: Thanks Oregon
What about the 20 million atacama shares they issued to themselves to effectively acquire themselves. Did they sell those as zebra and pocket the cash?
It all sticks, they mever had any intent to take this mine forward, it was package and sell, so anyone that thinks they had any inetnt to fight on and get it running need to read their history.
Orca was shark minerals was canato and so on. They just keep moving things around creating a fog.
Financial alchemist. Effectively, Atacama Minerals bought 100% of Sirocco Mining - an empty shell with some "worthless" gold mining claims - for 20 million shares. It was deemed a non-arm's length related party transaction. After the closing of the $60 million private placement, Atacama changed its name to Sirocco Gold & then to Sirocco Mining According to Atacama's news release in 2011, "...The acquisition of Sirocco by the Company is also considered to be a "related party transaction" as Mr. Clark is a director and shareholder of Atacama as well as Sirocco and Zebra is a significant shareholder of both Atacama and Sirocco. Zebra and another company controlled by the same trust has direction or control over 19.19% of the current issued and outstanding common shares of Atacama, and Zebra holds 28.9% of the current issued and outstanding common shares of Sirocco. However, the acquisition is exempt from the valuation and minority shareholder approval requirements of Policy 5.9 and MI 61-101 as the fair market value of the consideration for the acquisition, insofar as the acquisition involves interested parties, does not exceed 25% of Atacama's market capitalization. "