A little note to the OSC
posted on
Jun 24, 2010 09:42PM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
I am contacting you regarding, what many consider to be, irregular trading of Noront Resources shares through the Jitney brokeridge. I know that you have been contacted by other investors of Noront and I would again like to draw your attention to the continued questionable trading patterns of Jitney and whom ever they represent. You may know that the Ontario Government has decreed the Ring of Fire in the James Bay lowlands as being the biggest discovery since Sudbury. You should also know that Noront has been called the King Of The Ring because of its large land position and it's well developed exploration program. Noront is a highly desirable resource company with mineralization that will result in billions of dollars of revenue. Now that I have re-introduced you to some basic facts, let me post an email quote from Joanne Jobin, Vice President, Corporate Communications for Noront: "Noront Management takes a look at all significant trades and their potential impact concerning Noront. With Jitney however, it is very difficult to discern who or what is trading as that is a platform for anonymous brokers who prefer not to be identified." As stated above, Jitney trades in a way that prohibits any reasonable transparency and allows trading under a veil of secrecy that promotes and certainly allows various entities to operate without being questioned as to their motives for their actions. I have personally called the VPs of various companies to ask for explanations as to the reason for their trading patterns as I know who these entities are from the published trades. This is not the case for Jitney. I would question the OSC as to why a brokeridge would, on a daily basis, sell down the share price of a company in an area where there has already been one successful and two pending attempts at taking over companies very cheaply, just after their share prices had strangely been depressed, those being FWR, KWG and SPQ. Let me remind you again that we are still talking about the area that the government has stated holds great opportunity because of it's richness and potential to assist in re-juvenating the economy. It makes no sense that large blocks of Bids would be hit by very sparse blocks of Asks throughout the day over many days. I should say with largely Jitney and Anonymous selling into the bid just prior to some long expected news on the deep hole drilling under NOTs celebrated Nickel find. Noront and it's shareholders are powerless to investigate who would be behind this trading activity but I'm sure that the OSC regulatory body has the power to inquire into who is trading and the nature of their trades under the umbrella of Jitney and Anonymous. I hope to find this situation being looked into and look forward to your comments,