Ann: Sale of Mining Leases and Exploration Tenements, page-14

I do wonder: what is the point of public listing in this case? The vast majority of shares are held by a handful of investors (including directors) and there is no effort to promote the stock or improve liquidity. As a result the share price has no relationship to the value of the company. You would not ever raise capital at this share price so why go to the trouble of listing?

Obviously the large shareholders/directors are on their own timetable and are happy for the share price to lag value for years to come - otherwise they would take steps to ensure the stock behaves like a listed stock. So why be a public company?

Maybe the answer is they listed because they thought they would need to tap capital markets but things went so well they have not actually needed to. In which case the large holders may not care about the SP at all for the foreseeable future. Fine if you have a multi-year horizon but perhaps not otherwise.

Any other thoughts?