Kind of you, Quamera. Wishing all shareholders to be made whole, so far as possible. Titan seems to unendingly unbury problems, in attempting to swallow an unswallowable Core. Time for a story - a Grim Tale, more to the point, and is it true? One had best verify for themselves ...
Bedtimes Story for Koala and DollySuborn. vb tr. 1 to bribe, incite, or instigate (a person) to commit a wrongful act. 2 (Criminal law) to induce (a witness) to commit perjury. (C16: from Latin subornare, from sub- secretly + ornare to furnish)
https://www.armstronglegal.com.au/criminal-law/offences/false-statements/threatening-witnesses
What kind of bedtimes tale should require definitions, Dolly asks unhappily? What kinds of companies has Matt Carr confected?
Fair enough questions. Key Titan purchasers and representatives, Tribeca, Terra, Regal, Canaccord and all, and retail investors - should they best be pleased with what Carr's Titan, Andina and Tulin have done with their dosh? What he and his cos. have done to the environment and to the people, in investors' names?
So, investors are wanting their money back? From Titan's "urgent" messages to a witness (see below): Australian investors and their solicitors are developing tetchiness about the way Material information hasn’t particularly been disclosed them. Something about the physical laws of motion, monies wanting to reverse direction out of Titan's $20 million raise. Would Titan themselves be the author of their predicament? If this story is true?
Some prior episode, we left Koala and Dolly, part of the UNESCO Archeological Reserve "Nazca Lines" laid down 500 BC to 500 AD, tucked under a warm blanket of Titan Minerals’ raw cyanide tailings. Koala is now well awake, good head stuffed full of virgin Australian wool. Dolly, noggined of lesser kapok, lolls asleep.
The tale begins, as few stories do, with investors in Titan’s recent raises unhappy with liability-raising goings-on of the Material type, that they were never told about. They are wishing for a clean shirt and a shower, or rather some sort of coming-clean and Consumer Protection Law type of funds restituted and apologies made, or such.
Responsible particularly for creating boils on investor nethers, were non-Disclosures of cyanide-containing raw tailings burying in the middle of the night, the vagarities of gun battle, permit, safety and environmental sanctions, the false raise on the back of Dr. Cardozo who was never CEO (then we're fobbed off - we weren't meant to read that bit about the CEO, placed next to Carr), the denial of a growing raft of problems and further the initial abandonings of such denials, and re-questioned profit and loss with attendant undisclosed liabilities. For starters. Amazing cost reductions were not what they seemed, notwithstanding that 2018's loss was three times the current stock price, "Basic loss per share from continuing operations was AUD 0.523 ..."
Gamely, Matt Carr claims that Tulin Gold is essentially unrelated to him and his company, Titan havinghad full control and being responsible for undeclared illegal cyanide emissions only in recent times. Carr hopes perhaps to preemptively wash his hands of it all before the tailings even settle. But, Carr has left out for investors that he vended Andina Resources into Titan while holding dominant stock positions in both companies ... and as well, with Carr himself holding 1 million shares of Tulin Gold directly. Dissociating himself, to the satisfaction of investors, proves problematic.
As to Carr wishing to depict himself and his companies having blown into town only yesterday, knowing nothing about unreported illegal acitivities, even those "Muy Grave" (Very Serious) as declared by the state of Peru, well hmm. Carr was already first appointed Executive Director of Andina per their annual report logged April 10, 2012. Andina and Titan, already connected by 2013, Carr himself claims to have gotten involved officially with marrying them by 2015. So he was fully in control throughout the period of illegal carryings-on. Ducking out, to the satisfaction of investors, proves problematic.
The cyanide shenanigans popped into the picture just when Carr started working magic. The local El Ingenio newsjournal “Noticias” writes in the same year, 2012, a few months after Carr took over: “ALARMED TULIN NEIGHBOURS: On the 26th of last day [of November], mining tailings fell in the town of Tulín, alarming the Ingenian population. It is known that they belong to the Tulín Gold SAC Mining Plant and are lethal and polluting". The Governor [of Ica] Agustín Castro Rojo and the Mayor of Tulín Emilio Lozano Huamán expressed their strong objection:
http://noticiasdenascadelperu.blogspot.com/2012/11/
Of the thousands of tons of cyanide tailings hidden inside and outside the plant, the coordinates of the main dump have been provided, Lat/Long -14.637756, -75.069351 - place that in Google Maps, click “Satellite” - see pic below. The tailings "pond" on the left-hand side, normally a depression submerged on the landscape, has bulged into a tailings mountain. Of greater interest to the local population, and the state of Peru, is the dumping of thousands of tons of poisonous pollution, without a liner to protect against seepage. Proceedings against Andina and Titan have resulted in fines (Aus $95,000+ in 2017), and contrary to Titan's claims, continue. The illegal, undeclared dump is clearly visible as disturbed and then smoothed-over greyish earth, seen under the helpful yellow pushpin. A flow of what plant staff describe as 3,000 - 4,000 tons of cyanide tailings into the local river can be seen top-left of the dump:
Core Gold and Titan had gained awareness of just a couple of out of two dozen noted witnesses; one witness swore to the burying of:“... thousands of tons of cyanide tailings from the Tulin Plant underground, at different points, inside and outside the plant.”
Koala is keen to know: what wise steps might have Titan and Core Gold, now working hand in hand, have taken? On June 12, Quentin Markin, Core Gold’s counsel, pressed assiduously at the Vote Meeting in Canada for the revelation of personal details on all notarial witnesses - perhaps without apparent regard for interfering with them, or for their personal safety. 'Mr Markin: "My question to the chair, to Mr. Piggott is, if we cannot see who is providing these notarial affidavits and sworn statements, how can we verify ..."' Were Titan and Core wishing to grip witnesses in their warm embrace, like Koala and Dolly?
Matt Carr’s team at Titan, closely joined by their Agreement, took action as you might very well (not) do. On June 12, the very same day, they had Vista plant manager and Tulin Gold Superintendent of 9 years Juan Carlos Sevilla, persistently attempt having the first witness officially recant, and be “taken care” of in the Titan way. Sevilla sagely wrote the witness, “about a problem that has arisen in Australia” regarding the affidavit on the poisonous dumping; “the only way to solve this is for you to provide a sworn affidavit rejecting that”; “in order to present it to the investors; we need this urgently”. One supposes nobody could say that Titan isn't interested in taking care of investors' concerns. After a fashion. A witness might be fearful of such "interest" and being "taken care" of; pressuring a witness to recant, especially if monies were implied for the purpose, might open an eye with authorities. Is there any need for Koala to give them a nudge?
Surely, if this story is even true, should one fairly ponder Titan's duty to investors just on the basis of such pressuring? Recent events ought to count in too. There's the instance of the shootout at the Tulin Plant, December 21, 2018. Koala asks, perhaps a bit cheekily - with a good bit of Titan's equipment and perhaps some gold locked inside the plant, and Titan just thrown out, who might most likely benefit? Well, Koala is like that, nothing to be done about it.
https://www.facebook.com/abcica.pe/photos/tres-muertos-en-fuego-cruzado-por-disputa-de-administraci%C3%B3n-de-una-planta-proces/1161188824039361/
“THREE DEAD IN FIRE CROSSED BY DISPUTE OF ADMINISTRATION OF A MINERAL PROCESSING PLANT.After three days of tension, past noon today there was a hellish shootout that leftthree dead by the administration of the Tulin Gold mineral processing plant locatedin the upper area of the town of Tulin in El Ingenio. "
Dolly is awake now. How is it that gunmen seem to be drawn near Titan Minerals? And why then more gunmen, this time when Titan suspended operations late 2018 at their San Santiago plant? Is Koala right when he shares his best recollection? One in which, ex-post the unannounced cessation of San Santiago activities, only the most senior staff were paid up, the remainder of the workers and managers let go without payment of 5-10 months’ back wages. In which gunmen walked into the San Santiago plant to enforce compliance - three workers kidnapped, escaping via a 10 km barefoot walk, rescued by the sheriff. Koala, really! Did you have one eye open the whole time?
Well, that hardly helped. Now Dolly's hair is on end, and Koala, an investor, grimaces. Carr told such Koalas nothing about possible sharp dealings when he vended Andina into Titan. For the more recent transgressions, Matt Carr plans to provide investors with no more than a nod and a wink? More along the lines they had in mind: sheaves of their own pineapples back. Personal liability, another matter ...
(20min delay)