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There is a mention of both Schaft Creek and Carmax in their newsletter.
http://tahltan.org/wp-content/uploads/2016/04/Exploration-NL-Final-Published-lower.pdf
On another note: One of the HL's was irritated that I was writing here if I sold the bulk of my shares, so I stopped. (I do check in occasionally though.) I've always tried to find the truth of what is going on, and lately I suppose, that has been more negative than positive. The HL's don't want to see negative posts.
Given all that, in light of the discussion surrounding dilution I did have a talk with Elmer in which I asked him about potential dilution. He said something about how exploration companies cannot avoid dilution because they have no revenues. That was one of the things that triggered me to sell because I thought it might also cause a consolidation. Although if they were considering consolidation they should have put it on the agenda for the upcoming AGM, and they didn't.
In the past I did discuss the spin-offs with Elmer but he seemed to be indicating that he couldn't do that unless our stock price was considerably higher. You can't spin off VD from a 12 cent stock because the spinoff value would be how much? I think it is too little.
I'm back off to my quiet corner now. Good luck all.
I've been hearing a lot about the Golden Triangle lately. CUU is suffering in that there is no drilling, but CXM has a good program planned for the year. When those drill results start coming in, presuming they are good enough, they should do well. In turn, Elmer should be able to play them up so CUU gets a lift as well. He has to do a better job connecting the two companies perhaps.
Personally, I think CUU should just take out CXM and be done with it. Especially after this fiasco it should make it a lot easier.
I find this comment quite revealing from JW: "...I do understand this error is something that could have been avoided, and I have been losing sleep over this as it is not only my shareholders that will lose heavily but my entire team and boards reputation in the business."
It sounds to me like he was actually more concerned about his reputation, as well he might if he plans on having a future here.
I think there is some overhanging ambiguity as to whether Carmax ended up paying anyone to drop their objections, or whether they are exposed to a potential lawsuit since legal opinions were taken by the claims stakers.
The information for the AGM for Copper Fox is on SEDAR now, if anyone is interested. It doesn't say anything novel. It does not say anything about consolidation or dilution.
The decision by the Gold Commissioner is also on SEDAR under Carmax.
Apparently Carmax found out about the forefeited claims when they were called by the stakers to see if they wanted to buy them back. They thought it would cost $100K or more to get the majority of them back. They acknowledge they only have $146K available to spend because the $1.5M is money from flow-through shares and has to be spent on exploration.
They said the potential loss of the claims was devastating for Carmax and would be company ending. They further said the loss of claims would be a devastating blow for Copper Fox.
If anyone is going to the CXM meeting tomorrow they might ask if they had to pay any money in the end and whether they believe there will be any lawsuits.
I think there needs to be some further action in terms of management, as this was a colossal F'up of global proportions.
I agree, and as chance would have it the AGM is next Wednesday. It should be an opportunity for shareholders to demand change but CUU is the major shareholder and I don't know how Elmer would vote. When I talked to him he seemed to think it was an honest mistake. However, they should be asked to detail how much this cost in legal fees and ask for someone to resign and maybe those 'rolling stock options' shouldn't be approved?
NOTICE IS HEREBY GIVEN that the 2016 Annual General Meeting (the “Meeting”) of Shareholders of Carmax Mining Corp. (the "Corporation") will be held at Suite 217-179 Davie Street, Vancouver, British Columbia on April 27, 2016 at the hour of 11:00 a.m. for the following purposes:
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(a) To receive and consider the report of the directors, the audited financial statements of the Corporation for the period ended October 31, 2015, and the report of the auditors thereon;
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(b) To appoint auditors for the ensuing year at a remuneration to be fixed by the directors;
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*****(c) To elect directors for the ensuing year;
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*****(d) To consider and, if thought fit, to approve the Corporation’s proposed rolling stock option plan subject to the policies of the TSX Venture Exchange; and
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(e) To transact such other business as may be properly transacted at the Meeting or at any adjournment thereof.
If Jeff Poloni is the person in charge of Land Claims is it not a conflict of interest or down right criminal for him to stake claims after the expiration date for himself.
I don't think so. He would have staked the claims to preserve them, but they should eventually be put in the name of Carmax.
I don't know why he hasn't done so already but it's not urgent and it might be wiser to leave the property out of Carmax hands. If, for example, they don't get the claims back and Carmax goes bankrupt they will be able to start over with those claims.
That didn't sound like a good reason after I wrote it.
Poloni is being paid a consultant's fee, I think. I read the financials the other day and I thought that none of them were employees of the corporation. I thought Poloni was paid about $2400/mo. and Werbes about $8100/mo.
If he gets fired will he have to hand the claims over? The whole thing is a mess but I don't think he would be allowed to keep the claims or profit from them. Shareholders have a claim to the claims, so to speak, and they can't let them go and then take them personally.
I think the trickier problem is who pays to get them back? It's not the shareholders who should have to pay through dilution. I'll bet the lawyers are quite, quite active.