Barclays Bk PLC iPath Dow JonesUBS Platinum Subindex Total Return ETN Exp 24th Jun 2038 V.PGM

Treachery In the Boardroom

[horace5]

The mining business is full of characters at the top who do not have the best interests of their shareholders at heart. We all know this – or should. Those captains of industry operating in the natural resource/mining arena who are not just in it just for themselves are few and far between, in my experience.
 
We non-institutional individual investors are demeaningly lumped together and referred to simply as “RETAIL” – the little sheeple who are willing to suspend disbelief and common sense and follow along meekly until it’s time for their fleecing.
 
MISCONCEPTION: “We are too small to be taken out’” --- No so. I don’t know where that little “insight” came from, but it is certainly not true. For an example of this right here close to home, our neighbor BATTLE NORTH GOLD (of which I am a shareholder) is right now being taken out by Evolution Mining for C343 mil. The grade of the mine is half ours, and their first gold pour isn’t expected until Dec of this yr (’21).
 
And BTW, rumor is that Evolution is looking to consolidate the heart of the Red Lake District, especially after they were able to so easily obtain Battle North’s  billion dollar assets for literally a song; once again leaving the individual shareholders like me holding the bag. I mean Battle North literally gave everything away under secretive and very suspicious circumstances (given that right up until three weeks before the deal was announced the Ceo was out there encouraging investors to stick with the co and proclaiming that if a large new drilling program targeting numerous highly prospective targets on their 111 sq mi central Red Lake land package hit some likely bonanza gold the co could turn into a billion dollar co literally overnight.
 
And guess who is the closest and cheapest asset  to Evolution right now? We are. And we have an asset that is almost identical to Evolution’s (tapping into an almost mirror’s image of Evolution’s own ore body) And, we have a brand new mill that is up and running right nowto boot!
 
The Mark O’Dea Problem: How we individual investors got screwed with Battle North is that there were things going on with the company’s CEO and his buddies on the board that we were not aware of. When this CEO came into the company he brought along with him a whole group of his good buddy institutional investors from his last project - and they bought up most of the co’s stock (ultimately leaving the individual investors with a mere 17% of the stock).
 
I feel we could well be facing some kind of replay here of what happened at Battle North. My guess is that O’Dea has a pretty good lock on the board and a group of institutional and other investors who absolutely love his game. From all appearances, Pure Gold is just one more of the Oxygen group’s “Flip Plays.” O’Dea is very predictable, as some of the more perceptive posters on this board have pointed out in detail, and there is just no reason to believe O’Dea’s intentions are other than to take whatever money he has already made by having early on acquiring super cheap shares, sell out to whoever comes along first with the offer – and then get out of Dodge.
 
Those who don’t learn from the past are doomed to repeat it.