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Bullboard - Stock Discussion Forum Shine Minerals Corp V.SMR.H

Alternate Symbol(s):  PAUFF

Shine Minerals Corp. is a Canada-based natural resource focused company. The Company is engaged in the acquisition, exploration, evaluation and development of mineral resource assets. The Company has no revenue.

TSXV:SMR.H - Post Discussion

Shine Minerals Corp > From Mark @ IKN
View:
Post by loonietunes on Jun 25, 2020 7:11am

From Mark @ IKN

A funny story!


6/24/20

Dirty Dev time again: A most interesting post on Stockhouse

 

And as those toerags often swipe whole IKN post with no attribution, I'm going to do the same. Here's the link, here's the whole text:
 

 Now here's a funny story, call it a McElroy Classic: a character reference of Mr. Ross McElroy, President, COO and Chief Geologist of Fission Uranium if you will. Something for Fission Uranium shareholders to keep in mind when casting their vote this week. Anyone can confirm these facts by going through the SEDAR documents. Once upon a time, Ross McElroy was a director for Ironside Resources, previously Papuan Precious Metals; he was a director for the company since 2010 in fact. Then on Friday, August 11th, 2017 McElroy abruptly resigns from the board for no explained reason at all; the following Monday August 14th, certain mineral claims are staked in Saskatchewan which would become the Watts Lake property. These claims are then sold back to Ironside Resources through McElroys consulting company, Edge Geological Consulting. McElroy is then reappointed as director to the company. The sale price you ask? How about $100,000 cash, and 10,000,000 shares, 26% of the companys outstanding shares!! The company changes the name to Shine Minerals, raises some money (almost $1.3 million), spends some of it in the field on an itsy bitty drill program, and then the rest disappears. All claims are still registered to Ross McElroy to this very day. In fact, if the company doesn't spend $1.2 in approved exploration costs on the Watts property by September 2020, it will not have earned ANY ownership in any of the claims. Shine Minerals is a public company with no assets, claims or properties. As far as we can determine, Shine Minerals shareholders own shares that are backed by nothing at all, not even fractional ownership of a single property. McElroy got a cool $100,000 cash, and 26% of the companys outstanding shares. And if he plays his cards right, he will even get to keep a 100% interest in the property after September 2020. Maybe he will sell it to Randhawa a second time? LOLZZ!! Latest financials of Shine Minerals: $22,951 in cash, and $717,793 in total liabilities. Can't make this stuff up. Oh, you think this was all a coincidence and nice guy McElroy wouldn't dream of ripping off his own shareholders off like that on purpose? Look no further than the Northern Miner article Nov 2nd, 2017 Ross McElroy Stakes New Ground in Saskatchewan. Quote from article:" In August, McElroy noticed there was ground coming available for staking in the Watts Lake Area, Saskatchewan. He staked as much of the ground that he could for Edge Geological Consulting, a company he founded in 2016, and now controls 135.5 sq. km". Quote from McElroy in the article: When I saw it was a significant deposit and was available, my eyes lit up right away". I bet his eyes lit up! $$$$$$ LOLZZ!! WOW McElroy, I wonder if the proper thing as director of the company would have been to stake them through the company so the staking costs would have been less than $10,000, not $100,000 and 10,000,000 shares, and shareholders would actually own the property? Kind of like what any explorer would do? But then again, the name of the game is mining the shareholders, isn't it. Only on the Canadian stock exchange. Fission Shareholders: VOTE WITHHOLD and teach these blokes a lesson in humility. By the way, the Shine Minerals Directors are Dev Randhawa, Ross McElroy and Rob Chang.
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