RE:Tag Oil Mgmt/BOD Throwing shareholders under bus!UPDATE: TAG Reply
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Chris Beltgens <
chris.beltgens@tagoil.com> wrote:
Thank you for your email.
The price was set by the lead agents (Mackie Research and Pareto) at the level they felt was needed to get the required institutional orders for the financing across the line. We pushed aggressively for a higher price, but the share price trading around the $0.70 - $0.73 range over the last week limited our leverage with the agents.
Management had initially planned to subscribe for more, but made the decision to scale back their orders when the price was lowered to allow existing shareholders the opportunity to participate and protect their positions. If you are interested in participating, we can let the lead agents know you are an existing shareholder and to try to protect your order in the event the book is oversubscribed.
Note that this is prospectus offering, and the offering and preliminary prospectus filed on SEDAR has been reviewed by the BCSC.
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MY REPLY TO TAG
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Thank you for your reply.
Over the past 21 trading days the average share price was $.765
I believe Mgmt/BOD have allowed this company to burn through sufficent capital which could have seen us through these low oil prices. Why, in order to make unwise aquisitions without consideration for the shareholder or the companies future.
To put us in a position where they feel forced into accepting such a low valuation was a drastic mistake. I now have lost all respect and confidence for the present Mgmt/BOD and refuse to throw good money after bad
Regards