GREY:NMKEF - Post by User
Post by
Smokeramaon Mar 13, 2019 6:30pm
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Post# 29482137
2 new Old Boys Network Directors from Quebec
2 new Old Boys Network Directors from QuebecMy jaw dropped when I saw these appointments. It is definitely not a good sign.
Directors are largely paid with per diems and stock options. So further dilution is on the horizon, in addition to the $400 to $500 millon that needs to be raised.
While the CEO could have recruited mining professionals, he recruits two buddies from the old boys Quebec network. History has informed us, time and time again, that Quebec executives lack experience, education and the necessary skills to run a company for the benefit of shareholders.
The last thing that this company needed is more Directors. It needs funding and a mining plan.
Again, the only option that I see here is restructuring under CCAA. Current shareholders get zero. New shareholders will be issued new shares and most, if not all of the current debt will be erased. The new company may be worth looking at provided that they replace the Board, including the two recent appointments.