Laurion Mineral Exploration Inc. V.LME

Director selling shares- clarification urgently needed

[Cicero]

Hi Steve, 

you mentioned a few weeks that Michael had in fact sold a portion of his shares. According to SEDI (System for Electronic Disclosure by Insiders) Michael was required to disclose his transaction within 5 days. There has been no filing on SEDI meaning one of two scenerios: 

1. He has NOT sold his shares (which would bring me to a secondary question- why had you double down that he had in fact already sold and his sell order had been filled?)

or

2. More worriesome, as an insider he has broken the rules and didn't filed his report which is required by law. Which then brings forward the question of how many other insiders has been selling their shares and not reporting? 

Please advice and much appreciated.

[TraderRC]

Good day All, I am not responding for Steve, just my own two thoughts.  The PR states: "LAURION would also like to disclose that one of its directors, Michael Burmi, has informed the Corporation that he intends to sell a minority portion of his common shares in LAURION for personal and financial planning purposes". It states that he "intends to sell"  not he he

[mithril56]

The press release did say Michael INTENDS to sell some shares, however Steve was very explict that the shares had been sold.  See posts below. Jan 12, 2024 https://stockhouse.com/companies/bullboard?symbol=v.lme&postid=35823349 "Some shares have already been sold, yes.  SEDI has a reporting window of 5 days post settlement. -Steve" Also Jan 12, 2024 https

[Cicero]

Very possible theory however my question stills stand to Steve as he is the official investor relations voice on behalf of LME so when he clearly states that the transaction had already been completed, it worrisome that there's no filing reported on SEDI. It would have been a different story if Steve clearly stated that what he was saying was his own personal presumption as oppose to a

[StevenHunter]

Investigating. 

[StevenHunter]

Share sale has happend and has been reported.  Not sure what the admin story is but there is no pending transaction in the foreseeable future. Like you I'll keep my eyes on SEDI for confirmation. Hope that helps, Steve

[ahsineeg]

SEDI reports just filed. 

[Primpage]

Well this is quite concerning! Mr. Burmi has been selling nearly everyday since Jan 10. We went from 1,998,500 shares down to 1,339,500 shares. His last sale reported thus far is yesterday. He sold approx 1/3 of his position. I feel sick!

[Thebluestroy]

you'd think if a sale were ANYWHERE in the realm of close to being complete he would just wait to fulfill his other obligations....but who knows. lol ~600k shares dumped for ~$275k instead of waiting and selling 600k shares for $2+ m lol.  -9% on the year already, -16% the last month.... 52 week low of .32 and trending back there.  Does a horribly performing stock impact

[goldenI]

I don't think you are correct. It looks like all sales were on Jan 10th and his profits were around 250k. The positives are that the market absorbed the shares. It might look bad if you are looking for a disposition soon, but I think we are still some time (1-3 yrs) away from that.

[ahsineeg]

Another batch of SEDI reports filed which include sales up to yesterday....

[Wmaver]

at first you only see the Jan 10th, but he is correct there are 43 recent fililngs of transactions. The last one Yesterday! maybe that is why he didnt' have to file until now,  as he WASNT done till yesterday

[goldenI]

Thank you Wmaver. I didn't see the others as CEO.ca had not updated. I do recall Steve indicating that sales were complete and none were forthcoming earlier in January, however this implies that was not correct. 

[HectorgoldAU]

Lol yup goldenl thats right! Full transparency! FFS. 

[Not2smart]

Steve your exact words when 450,000 shares were sold.    “There's not currently any reason to expect another large transaction on the sell side.”  Peas LME keeping you in dark too  cause a lot more shares sold  please advise 

[HectorgoldAU]

Were gettin spoonfed a steamy pile of BS. Are we getting the 250k back from uscg? Its absolte BULL**** a director can be sellin shares over a month and not report a massive amount like that. Wut some kinda legal loophole cuz the press release said he was gonna sell?> the press release that came out a few days after he started selling? I only got 5000 shares left but im really effin close to

[StevenHunter]

SEDI report looks like 600k shares..... 5% of Michael's position in LME.  He's got a life and business outside of this stock folks.  He gets to manage it any way he wants. I don't have a good answer on why the reports appeared on SEDI when they did and I'm not likely to get one unless Michael volunteers it.  Reporting is on the human, not on the issuer so nobody is

[Primpage]

Considering that the next annual meeting must be held on or before Feb 15/2025, I would think that Mr. Burmi, in his position of special committee chair, has 12 months(nearly to the day) to get a sale announced. I can't imagine that if it were to come to another annual meeting that he will garner enough support when it comes time to vote on the board members. Who knows, maybe all the board

[Soldsign]

Thanks so much for you valuable incites Hector as always! You have a real knack for cutting through the BS and seeing the truth. I think your logic is unassailable. Burmi's actions regarding his shareholdings are clearly reflective of his expectation of a BO based on his position on the Board. Using that logic I am going to add to my position tomorrow. After all, since he has apparently

[StevenHunter]

There's nothing more to add folks.   You've got the whole story.   Don't put the reporting on Cynthia, it's not her responsibility so she won't have a view on it.   You're either okay with the info or you're not, up to you.   I see it as a non issue.   Not ideal to be sure, but not major and certainly not impactful to the value of LME at

[Hammerbrl]

You should sell and leave the BB's! I feel the frustration and stress in your posts! Health is more important! 

[Wmaver]

Hello Not2Smart. Not to play with words.  But he did say LARGE transaction. After Jan 10th there were no LARGE transactions, just a lot more little ones then any of us on here expected.  About 600 total  and 400 and change in one day.  That's around 200 spread out over the following month.

[ahsineeg]

I appreciate LME putting out a PR about Michael's intention to sell shares. However, it's extremely concerning he blatantly ignored the law and didn't disclose his share sales on SEDI within the required timeframe(quantity, price, dates). That is unacceptable and I'm surprised Cynthia is ok with this. 

[Not2smart]

Hi Weaver, my understanding is that 450,000 were sold back in a January and then today I learned 150,000 more shares were sold between then and now.   Not sure if my numbers are right       I was asking Steve to advise because even thou little transactions they add up to a lot.   

[Primpage]

He actually sold 600,000 shares on Jan 10 but what I'm really confused about is that he bought 50,000 shares that day at $0.51. But sold 598,500 shares at $0.5 or lower. Why buy shares at a higher price when youre looking to raise capital. 

[andonca]

Aren't the recent dispositions on SEDI the shares that were proactively disclosed to us early in January?  Steve confirmed on the 12th that the shares were indeed sold and according to SEDI, they were sold on Jan 10th? 

[tuscanybound]

Not sure where you got your share information from, Michael Burmi has 12,000,000 shares. Misinformation breeds anger and anxiety.

[Wmaver]

according to SEDI

[Primpage]

Going by Sedi he has 1,323,500 left, as of today. Perhaps he holds more in a holding co. but in his personal name he now has approx 675,000 less shares today than on Jan 9. 

[ahsineeg]

Chiming in here. Michael has 10,000,000 shares held indirectly through a numbered corp and 2,000,000 shares that were held directly in his name. These share sales have been coming from the 2,000,000 shares he personally held. When looking at SEDI reports, they account balance they show would be for each separate account he has. So you need to add up up direct and indirect holdings, to get his

[keen2know]

Insider 

[HectorgoldAU]

The biggest thing here is thatthe guy in the boardroom, atthe table talking to a buyer is the guy who sold a massive amount of shares. Idgaf why he needed the money ythe fact he been selling for a month now is clear sign that the deal is not happening anytime soon, the buyers backed out, thats why nothin has happened. Steves time has come and almost gone. He was brought on to handle the pr for a

[Cicero]

Hi Steve, Thanks for getting back. Are you able to find out as to why the insider sale transaction reports were filed just today at 2pm. I'm sure you can understand that this doesn't bode well for a vote of confidence when insiders are only reporting sale transitions as they get publicly questioned. It also makes one wonder what other insiders are selling and not reporting their