I am sure I will take some flack for this but hear me out please.
Our Co-CEOs came in after a bitter proxy war, with our SP falling, Nickel at $4/lb, a very high burn rate over $5M per month, we needed to attract a new CEO but not spend a ton of our precious cash on him, oh and the financial world was on the brinks of collapse.
So their first order of business was to slash expenditures, review all expenses, let go of some personel and reduce the burn rate to survive this new financial reality. They have done this very well and have gotten our burn rate down to 1.5M per month and as of a conversation this afternoon with Wes, we still had 18M+ in the bank...bravo guys!
Next, they needed to attract a good CEO and not spend a fortune on him. How do you do that? Well you interview the best candidates, pick the one you believe the most in and give him a ton of options at the cheapest price possible. So how do you give him cheap options and not get shareholders or regulators upset. Well, you turn down the flow of information and ask a few favors and voila...options at 0.62!! Now our CEO stands to make a very good some of money if he can get Noront to production or to a Major-great motivation for him that will help us longs!
Now with our CEO in office, options at 0.62 in hand, you can open the NR vault and let the SP rise. Here comes holes 45, 47 and holy cr@p 49!! Add some key personel aka Joanne Jobin and give her some options at 0.62 as well as some in management that are very deserving. Now you have a team were everyone works together and pushes in the same direction.
Our Co-CEO have purchased shares with their money in the last PP at 0.80 per share, so currently, they are not in the money. The options that everyone is upset at them getting for what seems to be very little are priced at 0.80 and so they have not been paid anything at this point for the work they did do.
It was a very tough job, at a very critical time and NOT is alive and kicking because of their decisive action and the hard work of Prof Mungall and the Geology team that drilled hole 49.
Now, let's forget about these guys and focus on our future, a future that is starting to look bright again with nickel holding around $7.00.
Glorieux
PS: Sorry for the rant but I think these guys took way more abuse then they deserve and wanted to say my peace. Cheers!
