MANAGEMENT DISCUSSION REPORT...I KNOW, MANAGEMENT TOO FUNNYMANAGEMENT DISCUSSION....THIS STATEMENT ALONE IS SUCH AND OXYMORON.
FIRST OF ALL, WHO IS THE MANAGEMENT AND WHERE ARE THEY? THERE REALLY IS NO DISCUSSION BECAUSE BOURBON BILL JUST DOES AND SAYS WHATEVER HE WANTS. WHO IS THE REAL BOARD AND WHEN WILL THEY STAND UP AND FULFILL THEIR FIDUCIARY DUTY? ACCOUNTABILITY WITH THIS GROUP, NONE.
SECONDLY, READ (BELWO) THE LAST LINE ON WARRANTS EXPIRING DATE STILL ON DECEMBER 22/18. WHO IS DUMB ENOUGH TO EXERCISE THESE WARRANTS WHEN YOU CAN BUY AS MUCH STOCK AS YOU CAN 50% LOWER. BB COULD HAVE PUSHED THE EXPIRING DATE OUT LONGER TO TRY AND SOOTH SHAREHOLDERS THAT PUT UP HARD EARNED MONEY. NOPE, WILL NOT HAPPEN. SO MUCH FOR ANY KIND OF WORK PROGRAM THIS WINTER/SUMMER IN ARGENTINIA.
Subsequent Events Subject to acceptance by the TSX Venture Exchange, Cascadero Copper Corp. wishes to amend the exercise price of 10,347,700 common share purchase warrants issued in a private placement on November 22, 2016. The exercise price of the share purchase warrants will be amended from 15 cents per common share to five cents per common share. In accordance with TSX Venture Exchange Policy 4.1, the warrants will be subject to an acceleration clause: Should the closing price of the common shares of the company on the TSX Venture Exchange be 6.3 cents or higher for 10 consecutive trading days, the company must accelerate the expiry of the warrants to the date that is 30 business days from the date of the issuance of a news release by the company announcing the exercise of the acceleration right. All other terms of the warrants remain the same, including the expiry date of December 22, 2018.
THEN, THEN THERE IS EMBARRASSMENT (BELOW) THAT ANY POTENTIAL PARTNER READS AND QUICKLY BACK AWAY BECAUSE THEY KNOW THEY CAN JUST SIT BACK AND BUY THESE ASSETS, IF THEY ARE ACTUALLY WORTH BUYING, FOR PENNIES ON THE DOLLAR TO PAY BACK BB'S LOAN TO THE COMPANY AND SECURE THE ASSET WITHOUT EVER HAVING TO DEAL WITH BB. THAT ALONE IS A BLESSING FOR THE BUYER, IF THEY EXIST.
RELATED PARTY TRANSACTIONS a) The Company has the following balances owed to and from related entities as at August 31, 2018: (i) $360,540 (August 31, 2017 - $543,209) due to Bill McWilliam (“Mr. McWilliam”), previously the Chief Executive Officer of the Company and currently the Executive Chairman. (ii) $298,681 (August 31, 2017 - $351,042) due to Judith Harder (“Ms. Harder”), previously the Corporate Secretary of the Company and currently the President/CEO. Ms. Harder is also the immediate family member of Mr. McWilliam. (iii) $107,841 (August 31, 2017 - $2,284 due from AFRI) due to Argentine Frontier Resources Inc. (“AFRI”), an entity controlled by Mr. McWilliam and Ms. Harder. (iv) $20,053 (August 31, 2017 - $2,) due to the Company’s Chief Financial Officer (the “CFO”). (v) $15,126 (August 31, 2017 - $ Nil) due from Cosmos Minerals Canada, an entity controlled by Mr. McWilliam and Ms. Harder. (vi) $168,848 (August 31, 2017 - $59,702) due from Cosmos Minerals S.A. an entity related to the Company by Mr. McWilliam and Ms. Harder. b) During the quarter ended August 31, 2018, the Company had the following transactions with related parties: (i) The Company settled debt of $120,000 with Mr. McWilliam and incurred a loss of $40,000. (ii) Incurred $4,500 (2017 - $4,500) in office rent to AFRI. (iii) Incurred $40,000 (2017 - $40,000) in management fees to Mr. McWilliam. (iv) Incurred $21,000 (2017 - $21,000) in management consulting fees to Ms. Harder. (v) Incurred $14,825 (2017 - $10,750) in accounting fees to the CFO of the Company. (vi) The Company entered into a management agreement with Mr. McWilliam on December 1, 2015, pursuant to which the Company has agreed to pay an annual service fee of $160,000 plus $1,100 car allowance per month. The management agreement has an initial term of three years and can be extended another three years. (vii) The Company entered into a service agreement with Ms. Harder on December 1, 2015, pursuant to which the Company has agreed to pay an annual service fee of $84,000. The service agreement has an initial term of one year and is renewable annually. c) Key management compensation Key management includes Chairman of the Company, CEO and CFO. The compensation paid or payable to key management for services during the years ended August 31, 2018 and 2017 is identical to the disclosure above other than share-based payments.
CC BOARD, STAND UP AND MAKE YOURSELVES ACCOUNTABLE AND FULL FILL YOUR RESPONSIBILITIES FOR ALL SHAREHOLDERS, NOT FOR BOURBON BILL ONLY.