My concerns are on several levels:
1) 380K for in salaries for a few insiders seems quite excesssive, especially for the work that has been done in the last year and the companies performance, especailly if this is to pay for Peter's work. Staking a lithium property and failed Magpie testing and running a break-even gold bulk sample without evening doing a scoping study should NOT garner this much in salaries - i just don't see any value of the work they have produced. I feel pretty confident that salaries for junior company of one CEO and his "consulting" work should not be in the order of nearly half a million when your market cap is less than 5 million! But then again, look at how he sneaked in change of control fee of 750k as severance. He likes to get paid nicely as an official in a mid tier company but doesn't want anything to do with the business side of promoting the company and actually attracting new investors. So we the shareholders suffer and he get's to have it his way.
2) As part of the companies plans to "fund operations" that has been to sell shares of other companies. I would have preferred to see 500k of Champion unloaded to cover the costs as opposed to this dilution which was uncessary and has the chance of ending up to be more than the actual amounted that was owed!!
3) This shows Peter is a greedy geology. He is not CEO material as i have always said. This guys sits on many other boards and get his options and directors fees and he's still using the Fancamp as his well for unjustified compensation.
And don't worry, i am looking to sell my whole shebang but Odlum beat me to it.
So that is the way I see it ...
