Western Exploration Inc V.WEX

Are we totally wiped out?

[babyofbullion]

Am I reading this right?

490:1 share consolidation.

Who would vote for that? How could the exchange even approve that?

[babyofbullion]

So is this it? 1. existing shareholders are consolidated 490:1 resulting in a new share count of approx 350k 2. 29m shares are issued and given to the Western shareholders in return for moving their assets into the company 3. There will be a raise of up to $20m leading to further dilution If this is right we have been totally f****d. How could they vote for this?

[jerrio78]

If you buy a shell with 300 million shares out expect a roll back in the range of 100 for 1 but yes this seems to be above and beyond. This is likely because insiders had no skin in the game and no interest in seeing this succeed. With no better offers they had to take what they could get. Just my opinion. Shells can be huge wins but you need to know where the shares are and the structure has to

[babyofbullion]

I've contacted IIROC about this. This feels fraudulent to me. In support of the RTO, directors, senior officers and certain shareholders of Crystal, holding an aggregate of 70,874,406 common shares of Crystal (the "Crystal Shares") (or 39.8% of the issued and outstanding Crystal Shares) have entered into a voting support agreement with Western in support of the RTO.