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Probe Gold Inc T.PRB

Alternate Symbol(s):  PROBF

Probe Gold Inc. is a Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Quebec, as well as an early-stage Detour Gold Quebec project. The Company holds a large land package of approximately 1685-square-kilometres of exploration ground within some of the prolific gold belts in Quebec. Its Casa Cameron Project includes the Casagosic, Sinclair-Bruneau and Florence properties, which are located north of the towns of La Sarre, Amos and Lebel-sur-Quevillon, northwest region in Quebec. It also holds three properties in the James Bay Lowlands area of northern Ontario, Canada: the Black Creek Property, the Tamarack-McFauld’s Lake Property, and the Victory Property. The Company has a 50/50 joint venture with Pan American Silver on the Meunier-144 property. It also owns 100% interest in the Croinor Property located in Val-d’Or, Quebec.


TSX:PRB - Post by User

Comment by mtzorfason Aug 09, 2024 9:34am
108 Views
Post# 36171103

RE:RE:RE:RE:RE:RE:RE:Lost money

RE:RE:RE:RE:RE:RE:RE:Lost moneyI'm a former lawyer but this is a very specialized area of law- in the U.S., we have securities litigation attorneys that deal with this sort of thing, but I'm not sure we would have grounds for a lawsuit in Canada (or here for that matter).  You have to prove that they are breaching their fiduciary duty to the shareholders.   It's worth getting an actual expert opinion, but they have done the drilling and built the asset, and I'm not sure they can be liable for just really sucking at the marketing part of the job- the response could be that you can always sell your shares (even though you can't do so realistically because the stock is so illiquid).  The other potential issue is compensation.  If they are being over-compensated, that's one thing, but it would probably have to be really egregious to get a lawyer to take the case.  Again, I have zero expert experience here so worth looking into.  I certainly feel like they have not prioritzed their fiduciary duty to put the shareholders first and it would require us to have a theory of liability that we can prove that they breached that fiduciary duty.  Being overly compensated and not marketing the company and dragging it on for years would all be potential bases for that claim- but I don't have the experience or expertise to know if this is just bad management or so bad that there's an actual legal claim for it.  We also had a chance to vote them out (which I tried to do other than Dave and Jamie), but they got back in by a pretty healthy margin.
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