I'll be satisfied if the TSX (Venture) makes an in depth review prior to approving the Noront private placement and issuing of options.
Here is text of my request for such a review in case anyone would like to do something similar.
Attention Regulatory Department
Morning
Yesterday Noront Resources who trade on your Venture Exchanged put out a news release notifying of their intention to issue options to Directors and Management as well as placement of flow through shares in a Non Brokered Placement.
I and many other shareholders of Noront Resources are very concerned that The TSX (Venture) regulatory office take more than a cursory look at this proposal. This because there is a high level of concern about the true independance of the current Board of Directors appointed after a nasty proxy fight initiated by and backed by certain 'institutional' investors.
Like 'Caesar's Wife' the Board of Directors of Noront Resouces must be held to a higher than normal standard of independance and prudence since undue preferential treatment of those who supported the above mentioned 'proxy' fight is of real concern to small retail investors.
Questions for which answers should be received are:
Is the option and private placement pricing reasonable given the current financial strength, exploration results and pending exploration results (nothing held back that could indicate lower current share price than expected in a reasonable market and not lower than expected after release of pending exploration results? A question that CFO and Chief Geologist could easily answer.
Will the private placement be made available to anyone associated with the recent 'proxy fight' as this could be considered a non arms length transaction?
In there any suspicion that the issuing of options to management/directors was done to encourage support of the proposed private placement to enrich non armslength current shareholders at expense of 'retail' shareholders.
Would a review of share trading over past few months indicate activity designed to artificially drive down Noront's share price thereby permitting a below fair market issuing of options and private placement?
