Re: UC Resources informs Spider
in response to
by
posted on
Aug 27, 2009 10:52PM
First Explorer at the "Ring of Fire" and presently drilling on the "BIG DADDY" Chromite/Pge's jv'd property...yet we were robbed
another $ 1.5 million (aprox.) and they will have their 55%.
this 1.5 is 'peanuts' when considering what they get.
55% of perhaps the most promising land in the whole ROF (according to geo's and strike directions and past drilling that SPQ did (causing 500 million shares of dilution)
UC got the biggest 'gift' i have ever witnessed in all my years following junior explorers.
...and it is interesting to note, our president Neil and director Hamlin, both were involved in UC and their Mexico properties.
i beleive presidents and directors of a company should not be party to any optioning off claims of that caompany to another company, which they also have involvment with.
as i have often said in the past: we need new legislation.
probe (PRB) has a business model of optioning off their claims to other juniors ...but, they do not spend millions "shareholders dilution" drilling the property first and also confirming good results as well ! (this is an acceptable practise without the need for shareholder approval)
however, there should be legislation in place, which disallows a BOD to option off claims without shareholder approval, when those claims have already been invested in very extensively, and have shown to represent an integral part of the companies value... this obviously needs shareholder approval.. ... but current legislation says that shareholders need not be consulted, EVEN IN THIS kind of scenerio.
it's never what you do ...but how you do it or the circumstances therein.
this is what meaningful legisltion is all about.
in event, even with out the legislation, had individual board members owned as many shares as i owned, it is my beleif that they would never have optioned off our very dear and fertile claims... 55% of the heart of our company at that time.
i am very happy i invested in NOT, FWR and UC before this last big run-up in the ROF.
of-course SPQ is about the only one who did not 'run up"
oh well, i still am invested (for sentimental reasons:))))
and remeber... were all nice guys :))
cheers to all ....danny