Good Evening NOT
The board is fired up tonight. Good... we better be.
I know we all follow price action, but more importantly, this board is thinking about leadership. We are thinking like owners... not traders, bucket shop boys or manipulators (I suppose to some degree we all are manipulators)
So tonight, we are owners of NOT... here's what we are up against:
1. The worst credit collapse in many years (ever)
2. manipulation by the powers to keep commodity prices lower... guess what, they did it. much like early 80's defeating USSR.
3. multi year lows on TSX-V exhange, everyone out of favor.
4. cashburn that runs us out within a year.
5. market sentiment that is brutal.
6. on and on, fill in the next blanks... there are lots of reasons not to own juniors.
No need to address these individually... if you are in juniors, you are trading or have a long term vision... to be invested in juniors requires some type of appetite for risk.
So, assuming you are here... you can wait this out.
Here are my thoughts on management and the Rousseau proxy. First, they deserve to be heard. Much like the opposition party deserves to be heard... they may not win, but, we are open to ideas. I appreciate their interest. Good for you Rousseau, owning less then 10% of the company. Throw your weight around a bit, but remember you are a small part of NOT ownership relatively speaking.
You know what Rousseau, pick up another 10%, I'll listen and management will too. Oh, and, guess what, so will CVRD, and Xstrata, and International Ferrochrome, and Sprott, Pinetree etc. You get my drift. Make us all listen and grow some balls and support our share price by buying more ownership in this company you feel should be worth more... prove it by buying, not talking... I suppose the same could be true for management or the other professional owners.
Rousseau, you are small potatoes trying to weild a big stick... your intentions may be good, but, if you haven't bumped your ownership up considerably given our falling share price, then sit back and relax and take a long term perspective... you are doing nothing more then capitalizing on a poor NOT share price, due to many factors beyond management's control....Lets see you grab another 10%, put a bid under us, or pony up another $20 Millon for 10% more... fine by me. Otherwise, sit back and let the ones that brought us dance.
Of note, Sprott has picked up over 10% of Pinetree (see Sedar)... assuming neither PNP or Sprott are selling NOT, by proxy, Sprott would hold another 1% of NOT.
I wonder how many shares agoracom clients control... perhaps we should set up a proxy under agoracom and see if we can nominate some of our most talented to higher up spots. Make no mistake, this board is riddled with talent.... yes, we have many novices too... but, there is a reason people come here and it is due to the information and ideas shared.
So, since I suspect the ago membership probably accounts for ownership of 10-15 million shares of NOT, perhaps we should be looking for a seat on the board. If 10% is all it takes... we are likely there. I suspect our nominee(s) would have all shareholders interests in mind... just a thought. Don't laugh this off, it's about organization.
A final point or two.
We will get disappointments... that's mining. Whether it's windfall... eagle 2, at ?, they will come.
It looks like something is going on with Windfall, fine, sooner or later it will all come out and we'll know why anything, if anything was done... then we can judge, or backseat drive.
If we could get $30 million cash for Windfall today, not knowing if it holds the motherload or a dud, but ensuring Mcfaulds would be able to drill for another 18-24 months, would we do it... I hate to say it... mcfaulds has such tremendous value to uncover, I would.
I'm not against Windfall, the first shares I bought were due to Windfall. But if Windfall could provide us the windfall to get buy the next few years without needing to raise money in this horrible market, it would be hard to pass... in a way, it would be a windfall. The market would also get the message there would be no further financing and my bet is our share price would move substantially higher. Eventually we would have to prove up mcfaulds, but, in time that will happen... and we are all here because we have time.
Of course, I wouldn't mind if we found the motherlode at Windfall either. There are no guarantees.
regards
cwallace
