The prospectus notes that 300mil of the shares to be issued are specifically not going to escrow - did you even read the document? And what is the new excuse for the shares not going into escrow - b/c Zeff has done a few good emails over his time, they removed that requirement?
They will clearly meet Class A and Class B which is 100million shares, and as other posters have said will likely meet Class C - that is 120million shares to be issued.
Most posters here have discussed the SP being between 50cents to a $1 following issue of JORC and I have taken the middle number. Is that not okay, or does pumping SP expectations only work when it suits?
120million x 75cents = $90million, divide by 3 = $30mil.
All I am saying is why would you hold and see your shares diluted by 25% on issuing of the JORC?
And why are people defending the performance rights. It's indefensible which ever way you look at it, but people keep going back to how good the findings are which is completely irrelevant to the performance structure.
For instance, give me one good reason why 48mil shares was set aside for 250,000 ounces at 1 grade a tonne? That is the lowest baseline you could possibly get, with the highest "pat on the back". There's aiming low, and then there's aiming for failure but rewarding richly. Never ever was this mine going to get green lighted on that finding.
I work in mining, and know significantly about the corporate and legal side and as I have said, I have never seen this before and to see people come out to defend Zeff cause "he has done a good job" is maddening. What about the other two board members then?!
(20min delay)