RE:Gregg.... you e mailed eCONomo..no reply?Bywrong: Thks your note.
I never received a reply from Mr Economo to original email dtd 3 March 2017 or subsequent chasers.
At this stage I think Shareholders deserve more in the way of high integrity disclosure from managment, paricularly with regard to the immediate project development strategy and status of the BFS. Perhaps this will be forthcoming at the AGM? I am not in a position to attend the AGM but hope that some other members of this Board will do so and be able to press management on key issues and report back?
I note that since my email the Company has successfully completed 3 placings ~ over 33 million shares to raise $2.489 m (including >35 million 10 cent warrants). This is expensive for us all....and while positive for immediat working capital and liability management provision, I'd like to know specifics in terms of how the Company intends to finance and materially accelerate the mining development strategy.
I'm sure we all wish to draw some encouragement from the March rectification of the of the Measured & Indicated resources at Lac Knife...(up 42%) albeit attributable to internal reallocations; but despite references to 'recent infill drilling' my understanding is that the resource model hasn't benefitted from further deliniation drilling since the 2014 FEAS...and we aren't fundamentally any closer to proving up commercial reserves? How do they plan to move the dial from here?!!
As you indicate, the Management Information Circular of the Corporation dated April 6, 2017 (the “Circular”), reflects the fact that Mr Economo has been reasonably well compensated over the past 3 years; moreover, he is evidently intent on ensuring that there is a new/revised Stock Option Plan to be approved shorly at the AGM. Older management options are out of the money so existing team desire more options at a better price...which is an old story when management falls cannot realise their dreams of the 'richly imagined future' along the original timeline. I have lost a lot of value (at this stage) and anticipate more in the way of (inevitable) dilution.
If Mr Economo needs more incentive then by all means... I could support a properly calibrated performance scheme designed to grant him even more options...provided he can intensify his focus on...well....FOCUS. These could be stepped over time and tied to valuation milestones....but we shouldn't throw him more gummy bear incentives to reward value destruction at this stage.
I don't wish to be unfair but if I am beginning to wonder....when we read that electric cars are going to 'break the grid' in 10 years ..and we have the 'best high grade flake graphite project in the world' ...why management can't get it off (and out of) the ground?
Cheers,
Gregg