RE:WARNING TOTAL UNNECESSARY PRIVATE PLACEMENT3 Million shares and 1.5 million warrants went to Robert Eadie and Gary Arca. The private placement was purely self serving. It greatly increases Eadie's owneship in the company and he gets the increased stake at a substantial discount to the market price (at the time of the offering). This helps him to stave off a hostile takeover and should a takeover stil occur, the substantially discounted shares would maybe make him whole financially since most of his shares in Starcore were purchased or awarded to him at prices well over the 0.32 that Sempur was potentially offering. This is not the first time he's abused his role as CEO. Starcore has previously "acquired" other resource companies that Robert was also CEO of that were heading to bankruptcy. He was able to take essentially bankrupt companies and recoup some loses by converting those companies into increased equity in Starcore. Those assets were duds including a proccessing plant in which Starcore sold off at a loss after only a year in operation.
The year end results of 0.05 per share look great but the bulk of that was from a one-off asset sale. Even though gold prices were at or near record highs most of the previous fiscal year the mine did not create significant value for shareholders.
I'm not a hater and continue to hold my shares but also keeping it real. There's some pumpers on here.