New Found Gold Corp V.NFG

is this going to affect whole area

[likeike]

 

In addition to the above travesty, a number of the deals recently closed in behalf of Cres made under Mr Collins’ tutelage involved companies where Mr. Collins or the BOD members owned big blocks of shares or fully controlled. For instance,- “November 6, 2020 - Crest Resources Inc. (“Crest” or the “Company”) is pleased to announce that it has entered into an agreement to sell its 100% interest in the Lunar Frog property to Volatus Capital Corp. (CSE:VC) (“Volatus”) in consideration for 1,500,000 common shares of Volatus. Crest will retain a 1.5% net smelter return royalty on the property.” This was not a non-arm’s length transaction as the Company had 24.05% of the common shares of Volatus and Mr. Collins, the President, CEO and a director of Crest was also the President, CEO and a director of Volatus. Another example of a non-arm’s transaction was the following. “December 21, 2020 - Crest Resources Inc. (“Crest” or the “Company”) announces that, further to its news release of December 8, 2020, the Company has acquired a total of 1,333,333 common shares (6.4%) of the issued and outstanding share capital of Ecomine Technologies Corp. (“Ecomine”), a private mining technology company, from each of Michael Collins and Aeternum Asset Advisors Inc. (“AAA”), for consideration of 2,898,550 common shares of the Company at a deemed price of $0.115 per share.” FYI, there are other similar transactions that, IMO, do not pass the “sniff test”. In other words, they stink. Mr. Collins’ behavior at Crest also could have tarnished NFLD’s market reputation where he held the top board position. At least, NFLD took immediate measures to make sure that the self serving enrichment that Mr.Collins conducted at Crest would not happen to NFLD. Thankfully, NFLD has appointed a watchdog and Mr. Collins was fired from the Board…....... https://exploitsdiscovery.com/exploits-board-of-directors-announces-ms-siri-c-genik-director-implements-new-corporate-governance-structure/ IMO, as a regulator you must take action so that TRUST IS RESTORED with the investing public. Even if the RSU/Bonus was technically legal, certainly the BOD and Mr. Collins should know the implications of raiding Crest best company assets. The RSU should have never passed without more oversight and should have had caps as to the total bonus amounts. Clearly, the Crest Board clearly lacks the ethics required to safeguard the shareholders’ best interests and should be replaced and the involved individuals barred from the industry. This is an excellent opportunity for you to send a clear message to other BODs within your jurisdiction.

 

22

9 Jun 2021, 09:34

In addition to the above travesty, a number of the deals recently closed in behalf of Cres made under Mr Collins’ tutelage involved companies where Mr. Collins or the BOD members owned big blocks of shares or fully controlled. For instance,- “November 6, 2020 - Crest Resources Inc. (“Crest” or the “Company”) is pleased to announce that it has entered into an agreement to sell its 100% interest in the Lunar Frog property to Volatus Capital Corp. (CSE:VC) (“Volatus”) in consideration for 1,500,000 common shares of Volatus. Crest will retain a 1.5% net smelter return royalty on the property.” This was not a non-arm’s length transaction as the Company had 24.05% of the common shares of Volatus and Mr. Collins, the President, CEO and a director of Crest was also the President, CEO and a director of Volatus. Another example of a non-arm’s transaction was the following. “December 21, 2020 - Crest Resources Inc. (“Crest” or the “Company”) announces that, further to its news release of December 8, 2020, the Company has acquired a total of 1,333,333 common shares (6.4%) of the issued and outstanding share capital of Ecomine Technologies Corp. (“Ecomine”), a private mining technology company, from each of Michael Collins and Aeternum Asset Advisors Inc. (“AAA”), for consideration of 2,898,550 common shares of the Company at a deemed price of $0.115 per share.” FYI, there are other similar transactions that, IMO, do not pass the “sniff test”. In other words, they stink. Mr. Collins’ behavior at Crest also could have tarnished NFLD’s market reputation where he held the top board position. At least, NFLD took immediate measures to make sure that the self serving enrichment that Mr.Collins conducted at Crest would not happen to NFLD. Thankfully, NFLD has appointed a watchdog and Mr. Collins was fired from the Board…....... https://exploitsdiscovery.com/exploits-board-of-directors-announces-ms-siri-c-genik-director-implements-new-corporate-governance-structure/ IMO, as a regulator you must take action so that TRUST IS RESTORED with the investing public. Even if the RSU/Bonus was technically legal, certainly the BOD and Mr. Collins should know the implications of raiding Crest best company assets. The RSU should have never passed without more oversight and should have had caps as to the total bonus amounts. Clearly, the Crest Board clearly lacks the ethics required to safeguard the shareholders’ best interests and should be replaced and the involved individuals barred from the industry. This is an excellent opportunity for you to send a clear message to other BODs within your jurisdiction.

 

22

9 Jun 2021, 09:34