Does Rosseau Asset Management Ltd. speak with forked tongue?
One of their charges against NORONT
Noront recently wasted what it said would be approximately $15 million further developing its Windfall Lake gold property ...
My research and memory tells me that this money was spent according to the terms of the agreement when the 15 million was raised by IBK capital
In December 2006, IBK Capital raised $15,000,000 for Noront Resources Ltd. through the private placement of units of common shares and warrants. The Fall 2006 drilling program on its wholly owned Windfall Lake property in Urban Township, Quebec encountered three significant zones of gold mineralization at a depth of 119.6 meters, the best of which covered a total width of 15.7 feet, and assayed 3 times for 52.3 oz/t or 1792.9 g/t, and 23.33 oz/t or 800 g/t, and 38.74 oz/t or 1327.9 g/t. For further information please visit Noront's website www.norontresources.com.
I remember that there was a minimum amount, I think it was 12 million dollars, that NORONT was REQUIRED to spend on windfall.
You cannot raise money for windfall and spend it elsewhere.
Therefore, Rosseau's carefully statement appears to be a deliberately misleading and shows me that we may not wnat to trust Rosseau, and that they under estimate NORONT investors.
BK
