Laurion Mineral Exploration Inc. V.LME

press release

[newbie8484]

please tell me somebody can see a silver lining in this? I'm having a hard time understanding, why one of the largest shareholders would resign if we are this close to a "buyout"?

I remember after last year's AGM he was quick to sell shares, wondering if he knows we are not close, and wants to bail before we see another tumble?

[Thebluestroy]

next trading day is going to be UGLY UGLY

[StevenHunter]

Hello everyone, Trading next week won't be ugly, I'll tell you why. Nick has owned and operated his business for 30 years.  Anyone who has owned a business will tell you that this is a time and energy vampire.  It's a grind and takes alot out of you. Through a ton of hard work and focused attention Nick has built his business hugely and now is at the time of his life that

[mithril56]

I nominate Steve Huner to the Board!

[StevenHunter]

LOL...... if I ever meet Steve Huner I'll pass that on

[mithril56]

Silly typo :(

[matlas]

Steve-Glad you were on board to quell silly rumours. You earned all of your 250,000 warrants today1

[Primpage]

Steve, are you able to comment if Mr. Ierfino exercised his options and warrants prior to this announcement?

[mithril56]

Here's the PR of Nick being appointed.  It would seems that some of his options have NOT fully vested and he would be walking away from them.  https://www.laurion.ca/_resources/news/2020NR/14Feb.pdf

[Primpage]

It doesn't say anything about the vesting requirements. But he had 5 years to exercise his options. I would think they would have vested approx 3 months after they were issued, similar to Tyler Dilney's. 

[mithril56]

I stand corrected.  I re-read the information circular from last AGM to understand the rules of options / vesting.  It seems like all options would fully vest after 3 years (1/3 a year)....and it may be that even after resigning, he would have 1 year to exercise any remaining options.  So a buyout could happen still and he'll make his money.

[StevenHunter]

Not commenting on Nick's options, but IN GENERAL being a director or not would have zero impact on somoene being able to exercise options and/or warrants.  The terms of those are disclosed and even if you earned them by being a director they belong to you and the terms cannot be changed. Hope that helps, Steve

[fatlas]

I looked it up - Ierfino is Italian for bad timing.    Here’s what I (think I) know - 1. Nick is a significant shareholder who up until now had full reporting obligations for any LME stock activity. 2. Until today he was a board member. 3. He sold some stock BEFORE the 2022 AGM. 4. He has not bought or sold a single share since. 5. With his board resignation complete he no longer has

[ahsineeg]

They may not necessarily have to replace him.  Prior to 2019 the LME board was made up of 5 people.  However, at the July 11, 2019 AGM, Dr Neil Westoll received a greater number of votes "WITHHELD", than votes "FOR", so he tendered his resignation.  It was this same meeting that current board members John Covello and Michael Burmi were first elected. Now the

[Thebluestroy]

Bad timing? Absolutely easy to misinterpret? Absolutely  let's hope they're still well on their way to producing the only result anyone here is interested in.  see y'all next week 

[ahsineeg]

Imagine they halted the stock at 3pm today. And then released this at 5pm....we would have been livid after 2 hours of suspense.   Here's to happier news next week!

[fatlas]

I wouldn't be livid if they did that - I'd be dead. 

[StevenHunter]

Nope.  Can't comment on someone else's dough.  

[matlas]

Or, maybe he knows that things are happening and wants to be able to deal with his shares, such as transfer to family members, without having to file any reports.

[DAM$]

He owns 6 million shares. He's not going to sell them on Monday.  Maybe he needs to devote his full attention to how to tax shelter his 1.8 Billion dollars when it sells for $30/share. 

[matlas]

DAM$-It is $180 million, not $1.8 billion.

[DAM$]

Oops. I got excited. :o)

[matlas]

No problem DAM$-what's $1.62 billion shares between friends !

[matlas]

Should have written dollars, not shares!

[DAM$]

Just one extra zero. (dumb mistake after I tell my kids to check their math) My point to the doomers was he quit or retired. He didn't throw away his shares. I'm still surprised he walked away so close to the end but there won't be a fire sale with 6,000,000 shares selling at market on Monday.