Sun Valley Picked the Wrong Person to Complain AboutPicking Bradford Cooke was the wrong person to complain about. Mr Cooke has skin in the game. He owns 2.9 million Canagold shares. He does not get paid compensation other than a $8K/yr director's stripend and options. Although he has collected about 940K of them over the past 5 years THEY ARE WORTH NOTHING until Canagold stock is north of $0.50. If CCM shares go up to $1.00 he could cash in Them in and make about $480K, which is a good incenitive to make the coimpany profitable. There are a total of 6.7 million options granted to management. Again thet are presently worth nothing but are a good incentive to make the company profitable.
I always vote against expanding option plans. Management would work harder if they buy shares with their own money like Mr. Cooke. With 2.9 million shares he will really make money if the company is sucessful.
There is more aboput Bradford Cooke. He has 46 yrs experience in the mining industry discovering several high grade gold vein deposits in BC. In addition to discovering the +1 million ou gold resource at New Polaris which Sun Valley is trying to get it's hands on he discovered and sold a deposit in Mexico for Canarc, Canagold's predecessor. He also founded Endeavour Silver in 2003 and the cvompany acquired, rebuilt, and expanded 4 silver-gold mines in Mexico by making new discoveries in historic mining districts. Endeavour is a mid-tier silver-gold mining company listed on the NYSE and the TSX.
There are many reasons I bought Canagold shares. The clincher was that they had a great exploration team to develop a potentially very profitable gold mine. An additional expense for Sun Valley and New Canagold shareholders is that, as of Dec 31 2021 the team (5 NEOs) would have to be paid CAD $919 440 if there is a change of control in the company. In addition incoming unproven management will need to get paid. With expenses such as this and the new unseasoned management Canagold will be better able to deliver value to all shareholders rather than just to the few behind Sun Valley's opportunistic bid.