IIE:CA V.IIE

Iciena's Management

[raw_capital]

Yesterday, Iciena reported their financial statements for the period ending September 30, 2009.

In 6 months:

They have raised $1,486,554 in equity financing (seriously diluting the outstanding shares - see previous posts)

Out of that cash:

They lend (or "advance") $338,696 to related parties, including directors and consultants.  They provide no further accounting for where this money went.

They spend $391,628 on travel and public relations.  In 6 months???  Where were they traveling to?

They spend $235,346 on consulting fees.  This is likely going to same consultants that they lent so much cash to above.

They advance another undisclosed party $40,571.

They send only $71,559 to Brazil for their properties.  This is the "exploration" part of Iciena.  Of the $1.49 Million that they have raised in 6 months, only 4.8% is deployed on exploration.  How can this company call themselves an exploration company? They lend themselves 4.8 times more than they spend on exploration.  Field expenses totaled a whopping $279!

After all of this, they had $147,892 left in the bank on September 30th.  This is the same day they closed a $540,000 financing!

To recap:

They raise $1,486,554.
22.8% is given to directors as a loan.  (This should raise serious concern)
26.3% is spent on Public Relations and Travel.  Travel to where?
15.83% is spent on consulting fees.
10% is left in cash.
4.8% is spent on exploration in Brazil.

The related parties of Iciena are using this company as a personal bank.  It is ridiculous that they can lend $338,696 to themselves without any further accounting.

Now they are trying to raise $3,000,000 more by selling shares, again.  Why on earth would you buy?

All information was drawn from the most recent financial statements, filed on SEDAR on November 30, 2009.

[goatinmexico]

This is my take on what is going on.Basically, when you see a company have a "advance to related parties" it is a sign that there is no control over the checkbook.  Management is writing checks to themselves, without any invoices or anything.  They simply just pull cash from the treasury and stuff it in there personal bank account.  Then, when it comes time to report to

[frostythSNOman]

this one stinks really bad. No progress on exploration, probably no desire...just keep the scam going and milk shareholders.

[jcja]

these guys are scumbags; the BNN video is bull....; Fipke is a hasbeen; these parasites should be put out of business

[goatinmexico]

Iciena should rebrand itself to ensure full disclosure and to not mislead any unsuspecting investors who have delusions about actual exploration.  I propose for a name:"Kent, Kelly & Roy's Personal Finance Company"For a slogan:"We guarantee to lend all of your money to ourselves, or spend it at bars, restaurants and Vancouver Canucks games!  Further, we promise we