Who is to blame then?
This is the problem - no one in OGX management has taken responsibility for anything that has gone wrong...
Surely the MD/CEO has some responsibility for the operation of the mine/hiring of workers etc...
However according to the Company Updates everything is going great...
Lets look at some facts and ignore the company spin:
Share price 30c - 5c
Massive Dilution
OGXOB holders left out to dry.
Nil gold produced despite 7 months of 'suspension' and 10 million dollars raised.
Failure to release the two mining reports
Over $2 million a quarter for 'suspension of operations' for the last 2 quarters!
Over $700,000.00 a quarter in admin/staff cost per quarter - whilst not even producing!
Who do we blame? - all the big managers are still employed on their massive wages or have been moved sideways..
Quarterly Cash Flow Report 29/7/2016 - cash at bank was 3.3 million dollars, plus 4.5 million raised in July 2016, plus approx $450,000.00 OB & OC excised equals about $8.2 million dollars at the end of June/July 2016-'' providing the Company with additional balance sheet strength and financial flexibility and enabling it to commence planning growth initiatives aimed at rapidly expanding the production profile of Cascavel '' -
Who is to blame?
' In October 2016, Orinoco had 190 employees and contractors' ...WHY DID WE HAVE 190 EMPLOYEES for a mine with ONE hole?...what were all these people doing?
Who is to blame? Surely the MD/CEO has some responsibility...
The AGM vote will be our last chance to show this BOD what we think of their management skills...we still have about 70% of the company and every vote will make a difference...
I have received my AGM notice today and inside you will find a sheet labelled PROXY FORM - VOTE ONLINE
It is very simply and quick to lodge your vote online by logging on at www.securitytransfer.com.au and we need to send the BOD a message that the gravy train is over...
Vote the way you believe is best for the company and shareholders.
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