What is the case for investing in PYR?This company was promoted on another board by a promoter-science.
But following this it appears more and more to me to be a highly speculative venture with questions lingering about the management and finacials :
“The AMF alleges that Mr. Pascali was in breach of section 199.1(2) of the Securities Act (Qubec), that Mr. Pascali and the Company made misrepresentations in breach of sections 196 and 197 of the Securities Act (Qubec), that Mr. Pascali and the Company failed to comply with certain disclosure obligations under applicable securities legislation, and that Mr. Pascali and Mr. Curleigh failed to comply with their fiduciary duties as directors of the Company. The AMF is seeking administrative penalties totaling $4.20 million against Mr. Pascali, and a disgorgement order of $9.57 million to the AMF also from Mr. Pascali. The AMF is also seeking administrative penalties totaling $550,000 against the Company. Separately, the AMF is also seeking orders prohibiting Mr. Pascali and Mr. Curleigh to act as an officer or director of a reporting issuer for 5 years.’
Considering the recent financials with net working capital of $1.7 million, and ongoing 30 million + losses annually, and question of can they remain solvent?
What am I missing?
I am staying clear of this company.