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October 3, 2011
The Honourable Christian Paradis
Minister of Industry
C.D. Howe Building
235 Queen Street
Ottawa, Ontario K1A 0H5
Fax: 613-992-0302
Email: minister.industry@ic.gc.ca
Dear Mr. Minister:
I am writing on a matter of urgency where time is of the essence.
Investment Canada has received an application from Century Mining Corp. (CMM) and White Tiger Gold (WTG) where Century Mining will be absorbed into White Tiger Gold through a Reverse Takeover Offer (RTO).
For the purposes of this approach, what is at stake in Investment Canada’s review of this merger application is the takeover and assumption of a Canadian resource (company) by Foreign Nationals.
Century Mining, a gold producing mine in Val d’Or, Quebec has, by previous NI 43-101 reports, established the existence of $15,000,000.000 worth of gold. Russian investors namely, Maxim Finskiy and his Associates have taken control and management of the Canadian asset. (only as Majority of the Minority investors)
White Tiger Gold, a Maxim Finskiy 96% controlled entity was established in December of 2010 with questionable assets located in Russia. Other Russian properties are being added to the WTG mix but not with resource analysis based on the Canadian NI 43-101 system.
With the above factors, what is also alarming is the indication by WTG/CMM that they will be located in the British Virgin Islands. What we now have is
- a Canadian Resource asset
- controlled by Foreign Nationals
-
whose offices and direction will be from the British Virgin Islands.
Clearly, this arrangement is not in the best interests of Canada. If allowed to continue, this arrangement will set a precedent and pave the way for other like minded raiders of Canadian resources by Foreign Nationals. (ie. new RTO-created companies (like WTG) with eight weeks of trading history to initiate predatory takeovers)
As such, I am requesting your in-dept examination of the WTG/CMM application with the sole guidance as to whether or not, and taking all factors into consideration (both present and long term future), the takeover and control of a Canadian resource by Foreign nationals is, in this case, in Canada’s best interests.
For whatever decision Investment Canada will make, I would also suggest the following.
- the merged company must be headquartered in Canada.
- majority control by any one syndicate of investors (such as Finskiy & Assoc.) cannot exceed 33 1/3 %
- 7 Board of Director members, with a majority being resident Canadian citizens.
- of that majority, one member must represent minority retail investors
Your Government is showing a proactive stance in protecting Canadians and Canada’s assets. This is very evident as we watch the chaos in other countries. As such it is my expectation that your Ministry and the Government of Canada will likewise act to protect the economic welfare of Canadians and the allotment of Canadian resources to the benefit of Canada.
I indicate that the intent of this letter, namely the Merger of Century Mining into White Tiger Gold, does not meet this stated criteria nor the intent of the INVESTMENT CANADA ACT and as such should ether be denied or modified along lines that do meet the best interests of Canada.
I submit my comments and concerns for your actions as you see fit.
Yours truly
_____________________________
Xxxxxxx Xxxxxxxx
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