My name is Steven GOERTZ. Those of you who have been following this stock for the last couple of years will recognise me as the former Country Manager for DNI in Madagascar. I have known your MD and your Madagascar-based director for a number of years. I have lived in Madagascar since 2007. I have kept silent until now to protect my own interest and to avoid any risk of inflaming the situation. Events of the 30th March however have motivated me to break silence.
I hold a reasonably large parcel of DNI shares and am also the minority direct shareholder of the two (2) Madagascar subsidiaries of DNI that control the Vohitsara and Marofody graphite properties. Although no longer an officer of DNI Metals Inc., I remain the Gerant Resident (CEO & CFO) of those two Malagasy companies. As such, I exercise full legal and administrative control over these entities and their respective assets.
DNI put out a press release dated the 30th March 2020 (along with their March Form 7 and a YouTube interview) which claimed to be an 'update'. They put out this 'update' at the instruction of the AMF (Quebec securities regulator and DNI's home jurisdiction), because they are seeking a partial lifting of their current suspension. DNI is also approaching the 12-month anniversary of their original CTO.
These various releases contain a number of materially FALSE statements. In view of the current circumstances, this has relevance to holders of CGM stock. In summary:
I have not been 'convicted' of anything, anywhere - now or in the past (other than the odd speeding ticket)
I am most certainly not in prison - just working from home like every other person dealing with COVID-19. In fact, I just got back from doing the weeks' shopping.
COVID-19 has not suspended law enforcement and/or judgement execution - so per the last point, I would be in jail if the claims of DNI were in fact true (would have been picked up morning of the 06th March 2020 latest).
There is a conviction and prison sentence in active effect - just not against me. The so-called 'fraud' allegations referenced in the releases of 30th March 2020 were determined to be without basis in fact and dismissed without charge on the 05th March. I have never been charged with anything in my life. Not in Madagascar. Not anywhere.
Were I actually 'convicted' per DNI's claims of the 30th, I would also have been immediately and summarily removed as CEO and CFO of the Madagascar subsidiary companies. Yet, I hold current documentary verification that I continue to hold these positions.
The true underlying cause of this: I am owed well over C$200K by DNI - going back to 01 September 2017. Some of this is covered by a debt discharge contract dated 11th July 2018, which would have taken DNI's arrears forward to 30th September 2018.
DNI failed to complete this Agreement and have been in DEFAULT effective 01st October 2018.
The forged documents narrative only manifested in mid-October 2018, in an attempt to avoid contractual completion. When I insisted on being PAID, I was notified (rather aggressively actually) that I was being 'fired'. THIS is in fact the start of everything.
I have never 'refused to hand over (DNI) documents', nor contested DNI's decision to change management. That is their lawful right. I have merely insisted that they follow the correct statutory process per the laws of the Republic of Madagascar. This is called a 'Passation de Service' (Handover) and is straightforward.
The sole stumbling block in the equation is the legal requirement that I be PAID in full. DNI refuses to do this, nor to acknowledge the debt.
There are additionally four (4) indigenous Malagasy personnel (3 of them with families) who were also terminated at the same time - without following proper due process. They have also not been PAID.
The DNI press release of 24th October 2018 was the next escalation by DNI. Other escalations have of course followed.
Given the abovementioned control I retain over the assets of common interest, this situation is also very relevant to CGM holders and not just those who hold DNI stock (although I am aware of a number who hold stock in both Issuers). I may be a lot of things, but I am not a forger nor am I a thief.
If anyone wishes to engage in productive direct discussion, I can be contacted on: < [email protected] >. Elcorp and I communicate amicably with some regularity. I am happy to expand that group. I am certainly not looking to harm CGM's interest - quite the opposite. There has been a lot of 'fake news' floating around - from all sides - since 2017. Additionally, I can back up everything bullet-pointed above.
The truth is that we all have a common interest in what is a shared problem. There is enough meat on the bone to make both Companies whole.
Once again - I welcome further constructive engagement on this.
Best, Steve GOERTZ
CGM Price at posting:
0.1¢ Sentiment: Hold Disclosure: Not Held
