Elder NSRAlleged ownership of the Elder Mine Net Smelter Return (Royalty) "2% NSR on the Elder property which was acquired from « Canuc Resources Company » in 2001".
Microsoft Word - Mines Abcourt Q4_ANG.doc (sedar.com) Note 17, p.32.
Oh really? How interesting that Canuc Resources' financial statements for the years 2000 to 2006 are currently not available (at least not on Sedar.com) due to a shortage of funds at that time resulting in Canuc's inability to pay their auditors.
THERE IS CURRENTLY NO PUBLICLY AVAILABLE PROOF THAT CANUC RESOURCES SOLD THE ELDER NSR IN 2001 OR AT ANY OTHER TIME FOR THAT MATTER.
There are at least three possible ways that Renaud Hinse has committed a breech of his duty as CEO of Abcourt Mines Ltd.:
1. If, Decochib Inc. (the Hinse family private entity) did indeed legitimately purchase the Elder NSR from Canuc Resources, then Renaud Hinse acted in his own best interest instead of the best interest of his employer, Abcourt Mines.
2. If, Decochib Inc. did indeed legitimately purchase the Elder NSR from Canuc Resources, then Renaud Hinse failed to issue a public news release informing the shareholders that a "material change" occured that affects Abcourt shareholders, namely the change in ownership of the Elder NSR.
3. Whether or not Decochib purchased the Elder NSR, Abcourt Mines Ltd. and its' CEO owes a fiduciary responsibility to its' shareholders that it has ensured that any NSR royalties owed are indeed being paid to the correct party. Past payments to Decochib Inc. do not constitute proof that Decochib Inc. is the legitimate owner of an Elder NSR. We simply cannot assume that such a thing as an "Elder NSR" ever existed. Not without any proof! Renaud Hinse has not publicly provided documentation that Decochib Inc. owns the Elder NSR, or that an Elder NSR even exists.
Also, by not disclosing any proof that Decochib Inc. owns the alleged Elder NSR, Renaud Hinse has exposed Abcourt Mines to liability. Abcourt may indeed be negligent in its' responsibility to its' shareholders to establish that "royalties payable" were indeed payable. Shareholders would then be entitled to take legal action against Abcourt Mines.
Interestingly, according to Abcourt’s 2020/2019 Annual Financial Report, the Elder NSR is 2 to 3%, and “Although the Company has taken steps to identify the royalties on the mining properties, in accordance with industry practices, property titles may be subject to unregistered prior agreements and they can be lost or revoked if regulatory measures are not respected.”
GetFile.do (sedar.com) Note 8, p.24.
WHAT? What exactly does this mean? Why would Abcourt make such a statement? "Unregistered prior agreements" than "can be lost"? What exactly is going on here? DOES RENAUD HINSE HAVE ANY PROOF AT ALL THAT DECOCHIB EVEN OWNS THE "ELDER NSR"?
So there we have it: NO PROOF OF SALE and NO PROOF OF PURCHASE.
Meanwhile, Normand Hinse, the son of Renaud Hinse, is a listed shareholder of Decochib Inc. Normand Hinse is Abcourt Mines' current Chief Financial Officer, and he is a current member of Abcourt Mines' Board of Directors, yet he has no educational credentials or notable experience in the mining or financial industries. Does his dual "responsibilities" to Decochib Inc. and Abcourt Mines Ltd. sound like a "conflict of interest" to you?
Amounts Abcourt has paid in Elder Mine NSR "royalties" from 2013 to 2020: | For the year ended June 30th |
| 2014 | $ 183,844 |
| 2015 | 250,172 |
| 2016 | 461,955 |
| 2017 | 442,276 |
| 2018 | 519,193 |
| 2019 | 481,224 |
| 2020 | 479,355 |
| Total | $2,818,019 |
With 2021 figures, soon to be added, the total comes to well over $3 million.
For an NSR with no proof of sale or purchase and that is payable to the private company of the CEO and his CFO son.
If you have any further information regarding the alleged Elder NSR or activities of interest concerning Hinse family members employed by Abcourt Mines Ltd., feel free to send me a private message or to contact me directly.
John Krneta
Vancouver, BC
jkrneta@hotmail.com
604-961-7008