BNP Resources Inc. V.BNX.A

BNP - Letter to Shareholders - June 2018

[BNPResources]

RE: June 2018 - Letter to Shareholders

 
Dear Shareholders:
 
The purpose of this monthly letter is to bring BNP shareholders up to date, on issues and news, since the last letter.
 
The following is a summary of business development activities and research for this month:
 

1. Planning field trip for the confidential Marthas Vineyard project, towards the end of the month.
2. Looked at one hotel property for sale. Alberta municipalities have increased the tax burden on these businesses, notwithstanding lower occupancy rates.
3. BNP Resources tax losses - Planning trip to Calgary over summer of 2018, to look for previous tax returns, and to provide previous tax filings to our accountant. One of our shareholders has agreed to help in sorting out the files, at our storage unit.
4. BNP Resources accounting - Will start review of 2013 accounting with our bookkeeper. Estimated start date is July – August, 2018.
5. We met with one of our larger shareholder groups this morning. They have proposed that we put a deadline, on current projects and efforts, of December 31, 2018. In the event that we do not proceed with either a hotel purchase, or the Vineyard project, by year end 2018, it was agreed that the company will be marketed as a shell company for tax loss purposes. We propose that we get the tax losses and accounting (unaudited) firmed up over the next 6 months, apply with the CRA for our tax losses, and look for new owners. With legalization of marijuana scheduled to pass in September, we will be actively seeking a takeover partner, within this growth industry, to purchase BNP in an all share deal. In return, we can provide this partner with tax losses that can be used against operating business income. Companies with rental income and passive income streams, would not be able to utilize these losses. It must be active business income, to the best of our knowledge. Our board of directors is in agreement with this proposal, and we welcome a conclusion by year end, 2018.