To the HOR Board, please provide assurances that your conduct is and has been to the high standards outlined under Australian Law under the Corporation Act, 2001.
Specifically I have concerns in regards the following:
> Lack of transparency in relation to the issuing of shares to Directors in exchange for drilling services. What assurances can you provide that the drilling services offered in exchange for shares is at a competive market rate?
> Lack of transparency in relation to the issuing of shares to Directors in exchange for debt for "services provided to the company". What assurances can you provide that the shares issued to Directors is not over and above normal salaries?
> Lack of transparency in relation to the $121,000 "capital raising expenses" as announced in the September 2014 Quarterly Cash Flow Report. Under the conditions of the capital raising ("The Offer") was to involve a 6 percent fee to Azure Capital paid by issuing shares at 2 cents as well as "reimbursement of reasonable out of pocket expenses". Please provide specific details as to the $121,00 capital raising expenses.
> Horeshoe Lights Drilling. Please provide A concise explanation as to why the company is not executing the drilling program at Horeshoe Lights in accordance with previous announcements. I refer to both the scope and timing of the drill program which may materially affect the share price. Furthermore please provide assurances that the Board has in no way a conflict of interest in relation the the allocation of drilling resources to projects under the control of companies other than Horseshoe Metals Limited.
I look forward to timely response.
HOR Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
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