cassini resources czi

Hi all holders. I don’t know if many of you know that Mike Young is in the middle of floating a coy on the ASX called Cassini Resources ASX code CZI. The prospectus went out earlier this month and the offer is now closed. It expects to trade on around the 14 of Dec 2011. On issue are 15,000,000,000 shares at 20 cents. So $3,000,000.00 It is a mining coy that aims to

3.1 The Company
Cassini Resources Limited (Cassini or the Company) was incorporated
on 10 March 2011 to identify and assess commercially attractive resource exploration projects with a
View of investment or acquisition to progress to a successful ASX listing. On 12 August 2011, Cassini entered
into a share sale agreement to acquire the 100% of the issued capital in Wirraway Metals and Mining Pty Ltd (Wirraway) (Share Sale Agreement). The assets of Wirraway include
fourteen (14) tenements located in Western Australia consisting of either granted or pending applications for Exploration Licences. Settlement of the Share Sale Agreement remains conditional upon the Company’s successful listing on the ASX. In addition, Cassini has entered into a non binding and non exclusive strategic Option with Impala Investment Ltd (“Impala”) to investigate and conduct due diligence on mineral exploration projects held or identified by Impala. Impala is a private company that holds rights to a number of exploration projects in Africa, South America and the United States of America (USA). Cassini will enter into initial investigation of projects owned or identified by Impala with the objective of identifying a project that will add future value to shareholders if acquired by Cassini.

Mike owns 22.2% diluted and is Non Executive Chairman and Richard Bevan who is the Managing Director also owns 22.2% diluted. They are the two largest holders.

I want to know if this is a conflict of interest. Aren’t BCI looking for M&A’s. Why did BCI pass these up but Mike sets up a new coy to buy them?

This also makes me wonder about Shaw River. If this new coy of Mikes is being so aggressive in exploration why aren’t we? We are cashed up. Four years of not much at Shaw River. Why?

Link to Cassini below

http://www.cassiniresources.com.au/

Cheers